Remitly Global, Inc. (NASDAQ:RELY) Receives $25.50 Consensus Target Price from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has received an average recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $25.50.

A number of equities analysts have recently commented on RELY shares. Cantor Fitzgerald raised their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. The Goldman Sachs Group boosted their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, July 16th. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th.

Remitly Global Stock Down 3.0%

Shares of NASDAQ RELY opened at $23.11 on Friday. Remitly Global has a 52-week low of $12.08 and a 52-week high of $25.75. The firm has a fifty day moving average of $21.66 and a 200-day moving average of $18.26. The stock has a market capitalization of $4.87 billion, a PE ratio of 47.16 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period last year, the company posted $0.05 EPS. The business’s quarterly revenue was up 25.2% on a year-over-year basis. Equities research analysts expect that Remitly Global will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ankur Sinha sold 7,596 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Also, Director Joshua Hug sold 16,800 shares of the 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 completion of the sale, the director owned 3,385,457 shares of the company’s stock, valued at approximately $77,763,947.29. This 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. Over the last ninety days, insiders have sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 worth $1,848,000 after acquiring an additional 3,870 shares during the period. Millennium Management LLC raised its stake in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the period. Caxton Associates LLP purchased a new stake in shares of Remitly Global during the first quarter valued at approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global during the first quarter worth $1,458,000. Finally, Cetera Investment Advisers boosted its stake in shares of Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.