Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $22.75

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $22.75.

Several research firms have commented on RELY. JMP Securities upped their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Barclays boosted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,429 shares of company stock valued at $1,131,011. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares during the period. Blue Trust Inc. bought a new stake in shares of Remitly Global in the 2nd quarter worth $43,000. Assetmark Inc. bought a new stake in shares of Remitly Global in the 3rd quarter worth $76,000. FMR LLC raised its position in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC grew its holdings in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after buying an additional 8,700 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.3 %

RELY opened at $20.56 on Monday. Remitly Global has a 52-week low of $11.60 and a 52-week high of $22.08. The company has a market cap of $4.07 billion, a P/E ratio of -58.74 and a beta of 0.03. The firm’s 50-day moving average price is $16.52 and its 200-day moving average price is $14.45.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company earned ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. On average, research analysts anticipate that Remitly Global will post -0.23 EPS for the current fiscal year.

About Remitly Global

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.