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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $23.70.

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald raised shares of Remitly Global to a “strong-buy” rating in a research note on Tuesday, January 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a report on Tuesday, January 6th. JPMorgan Chase & Co. reduced their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th.

Remitly Global Stock Up 2.5%

Shares of Remitly Global stock opened at $13.08 on Wednesday. The business has a fifty day simple moving average of $13.75 and a 200-day simple moving average of $15.35. 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 $2.73 billion, a price-to-earnings ratio of 145.33 and a beta of 0.11.

Insider Transactions at Remitly Global

In related news, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were 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 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 transaction of $59,625.00. Following the transaction, the director owned 41,576 shares in the company, valued at approximately $550,882. The trade was a 9.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,776 shares of company stock valued at $733,574 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the business. Torren Management LLC bought a new position in shares of Remitly Global in the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC lifted its stake in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global during the 3rd quarter worth $33,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.