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

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $24.6250.

Several research analysts recently weighed in on RELY shares. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. The Goldman Sachs Group restated a “buy” rating and issued a $27.00 price objective on shares of Remitly Global in a research report on Thursday, May 7th. Cantor Fitzgerald boosted their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Monness Crespi & Hardt boosted their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Citigroup restated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares in the company, valued at approximately $15,363,878.10. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the sale, the director owned 125,317 shares of the company’s stock, valued at $2,684,290.14. The trade was a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 243,818 shares of company stock worth $5,093,447 over the last ninety days. 6.53% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its position in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the last quarter. Main Management ETF Advisors LLC raised its position in shares of Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC raised its position in shares of Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,050 shares during the last quarter. Xponance Inc. raised its position in shares of Remitly Global by 8.7% during the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 1,060 shares during the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Remitly Global by 8.4% during the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 1,184 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $20.66 on Tuesday. The company has a 50 day moving average price of $20.76 and a 200 day moving average price of $16.85. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The stock has a market capitalization of $4.35 billion, a PE ratio of 42.16 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data 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 net margin of 6.12% and a return on equity of 12.90%. The firm had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the previous year, the company posted $0.05 EPS. Remitly Global’s revenue was up 25.2% on a year-over-year basis. As a group, equities analysts expect that Remitly Global will post 0.62 earnings per share for the current fiscal year.

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.