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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $25.50.

A number of equities analysts have recently issued reports on RELY shares. Citizens Jmp increased their price objective on shares of Remitly Global from $26.00 to $30.00 and gave the company a “market outperform” rating in a research note on Thursday, July 16th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, July 16th. KeyCorp upped their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group raised their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd.

Insider Buying and Selling at Remitly Global

In related news, Director Bora Chung sold 12,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the sale, the director owned 125,317 shares of the company’s stock, valued at $2,684,290.14. The trade was a 8.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 187,188 shares of company stock worth $4,087,718 over the last three months. 6.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in RELY. Pekin Hardy Strauss Inc. grew its holdings in shares of Remitly Global by 581.8% during the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after purchasing an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP acquired a new position in Remitly Global during the 4th quarter worth about $1,380,000. GSA Capital Partners LLP lifted its position in Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after buying an additional 338,244 shares in the last quarter. Baillie Gifford & Co. increased its position in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Remitly Global by 44.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after acquiring an additional 292,991 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Remitly Global Trading Down 1.5%

Shares of Remitly Global stock opened at $22.53 on Friday. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 45.98 and a beta of 0.34. The company’s fifty day simple moving average is $21.65 and its 200-day simple moving average is $18.36. Remitly Global has a 1 year low of $12.08 and a 1 year high of $25.75.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. As a group, research analysts forecast that Remitly Global will post 0.62 earnings per share for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.