Remitly Global, Inc. (NASDAQ:RELY) Given Consensus Recommendation of “Moderate Buy” by Analysts

Remitly Global, Inc. (NASDAQ:RELY) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $25.25.

Several brokerages recently weighed in on RELY. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. The Goldman Sachs Group reissued a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a report on Tuesday, January 6th. Monness Crespi & Hardt decreased their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday.

Remitly Global Trading Down 0.8%

NASDAQ:RELY opened at $14.17 on Friday. The firm has a market capitalization of $2.96 billion, a PE ratio of 157.44 and a beta of 0.11. Remitly Global has a 1 year low of $12.08 and a 1 year high of $27.32. The firm’s fifty day simple moving average is $13.71 and its 200 day simple moving average is $15.86.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.01 earnings per share. As a group, analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the sale, the insider owned 220,830 shares in the company, valued at approximately $3,312,450. This trade represents a 1.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total value of $59,625.00. Following the sale, the director directly owned 41,576 shares in the company, valued at $550,882. The trade was a 9.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 50,276 shares of company stock valued at $673,109 in the last quarter. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after buying an additional 3,870 shares during the period. Millennium Management LLC boosted its position in shares of Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after acquiring an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Remitly Global during the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new stake in Remitly Global in the first quarter valued at about $1,458,000. Finally, Palisades Investment Partners LLC bought a new stake in Remitly Global in the second quarter valued at about $3,313,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.