Remitly Global (NASDAQ:RELY) Research Coverage Started at Bank of America

Bank of America assumed coverage on shares of Remitly Global (NASDAQ:RELY) in a research note published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $18.00 price target on the financial services provider’s stock.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a research report on Tuesday, January 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Cantor Fitzgerald raised Remitly Global to a “strong-buy” rating in a report on Tuesday, January 27th. JPMorgan Chase & Co. lowered their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $12.79 on Tuesday. The stock’s 50-day simple moving average is $13.80 and its two-hundred day simple moving average is $15.45. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 142.11 and a beta of 0.11. Remitly Global has a 52-week low of $12.08 and a 52-week high of $27.32.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 2,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $13.70, for a total transaction of $27,400.00. Following the completion of the sale, the insider directly owned 218,830 shares of the company’s stock, valued at $2,997,971. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the sale, the director owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 50,276 shares of company stock worth $675,569. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RELY. Torren Management LLC bought a new position in Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC boosted its position in shares of Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares during the period. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global during the third quarter valued at approximately $33,000. Finally, HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter worth approximately $35,000. 74.25% of the stock is currently owned by institutional investors.

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.