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

Remitly Global, Inc. (NASDAQ:RELY) has earned an average rating of “Moderate Buy” from the twelve analysts that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $24.6250.

A number of analysts have recently weighed in on the company. Citizens Jmp raised their target price on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. Monness Crespi & Hardt raised their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Bank of America assumed coverage on Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price for the company. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, May 7th. Finally, Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th.

Remitly Global Price Performance

Remitly Global stock opened at $20.00 on Friday. The stock has a fifty day moving average price of $19.46 and a two-hundred day moving average price of $16.02. Remitly Global has a 52-week low of $12.08 and a 52-week high of $24.92. The firm has a market capitalization of $4.21 billion, a P/E ratio of 40.82 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same period last year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. On average, equities research analysts predict that Remitly Global will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Phillip John Riese sold 40,000 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director directly owned 122,496 shares in the company, valued at approximately $2,454,819.84. This trade represents a 24.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm’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 of the company’s stock, valued at approximately $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 sold a total of 12,232,999 shares of company stock valued at $196,438,278 in the last 90 days. 6.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in Remitly Global by 48.2% in the fourth 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 during the last quarter. Marshall Wace LLP boosted its holdings in Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after acquiring an additional 4,252,294 shares during the last quarter. Institutional investors 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.