Remitly Global, Inc. (NASDAQ:RELY) Receives $27.78 Consensus PT from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average recommendation of “Buy” from the thirteen ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $27.7778.

A number of analysts recently weighed in on RELY shares. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th.

Insider Buying and Selling

In other news, Director Nigel Morris sold 20,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the completion of the transaction, the director owned 1,831,056 shares of the company’s stock, valued at approximately $48,083,530.56. This represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joshua Hug sold 16,800 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $22.97, for a total value of $385,896.00. Following the transaction, the director directly owned 3,385,457 shares in the company, valued at $77,763,947.29. This trade represents a 0.49% 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. In the last 90 days, insiders have sold 514,571 shares of company stock valued at $12,636,101. Company insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Remitly Global in the second quarter worth approximately $410,752,000. Generation Investment Management LLP acquired a new position in shares of Remitly Global during the 2nd quarter valued at $109,637,000. California State Teachers Retirement System raised its stake in shares of Remitly Global by 2,123.3% in the 2nd quarter. California State Teachers Retirement System now owns 4,633,604 shares of the financial services provider’s stock worth $103,839,000 after buying an additional 4,425,195 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares in the last quarter. Finally, Lead Edge Capital Management LLC acquired a new stake in shares of Remitly Global in the second quarter valued at $60,232,971. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

NASDAQ:RELY opened at $21.99 on Friday. The firm has a market capitalization of $4.65 billion, a P/E ratio of 15.82 and a beta of 0.36. The business has a 50 day simple moving average of $24.57 and a 200 day simple moving average of $21.12. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.48.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. Research analysts anticipate that Remitly Global will post 0.85 EPS for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.