Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $25.88

Remitly Global, Inc. (NASDAQ:RELY) has received a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $25.8750.

Several equities research analysts have recently commented on RELY shares. The Goldman Sachs Group dropped their target price on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Remitly Global in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th.

Insider Buying and Selling at Remitly Global

In related news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total value of $59,625.00. Following the completion of the transaction, the director directly owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total transaction of $227,348.97. Following the transaction, the chief executive officer directly owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 76,442 shares of company stock valued at $1,098,702. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Townsquare Capital LLC boosted its position in shares of Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 459 shares in the last quarter. California State Teachers Retirement System increased its position in Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after buying an additional 714 shares during the last quarter. Xponance Inc. boosted its holdings in Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after acquiring an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 1,115 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY stock opened at $13.43 on Friday. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $27.32. The firm has a market cap of $2.81 billion, a P/E ratio of 149.22 and a beta of 0.11. The business’s 50 day moving average price is $14.64 and its 200-day moving average price is $17.33.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The firm’s revenue was up 24.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. As a group, equities analysts predict that Remitly Global will post -0.04 EPS for the current 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.