Remitly Global, Inc. (NASDAQ:RELY) Receives Average Rating of “Moderate Buy” from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $21.57.

RELY has been the topic of several analyst reports. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of Remitly Global in a research note on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. The Goldman Sachs Group decreased their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, BMO Capital Markets upped their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RELY. Advisors Asset Management Inc. increased its holdings in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares during the period. American International Group Inc. lifted its position in Remitly Global by 1.3% during the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock valued at $1,391,000 after purchasing an additional 871 shares during the period. Bayesian Capital Management LP purchased a new position in shares of Remitly Global during the 1st quarter valued at about $1,271,000. Hood River Capital Management LLC acquired a new position in shares of Remitly Global in the 1st quarter valued at about $12,789,000. Finally, Blair William & Co. IL raised its position in Remitly Global by 133.4% during the first quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock valued at $714,000 after acquiring an additional 19,665 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Shares of RELY stock traded up $2.81 during trading hours on Thursday, reaching $18.07. The company had a trading volume of 2,347,250 shares, compared to its average volume of 1,651,174. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of -32.27 and a beta of 0.10. The business has a fifty day moving average of $0.43. Remitly Global has a one year low of $11.60 and a one year high of $27.62. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 19.02% and a negative net margin of 9.60%. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the previous year, the company posted ($0.20) earnings per share. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. Equities research analysts forecast that Remitly Global will post -0.3 EPS for the current year.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.