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

Remitly Global, Inc. (NASDAQ:RELYGet Free Report) 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.

Check Out Our Latest Report on Remitly Global

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:RELYGet Free Report) 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

(Get Free Report

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.

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Analyst Recommendations for Remitly Global (NASDAQ:RELY)

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