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

Remitly Global, Inc. (NASDAQ:RELYGet Free Report) has been given a consensus rating of “Moderate Buy” by the nine research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $23.13.

Several analysts have issued reports on the company. Wells Fargo & Company boosted their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday. Barclays boosted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. KeyCorp raised their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st.

Get Our Latest Report on Remitly Global

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,893 shares of company stock worth $864,720. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Remitly Global during the 3rd quarter valued at about $76,000. FMR LLC raised its stake in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC acquired a new stake in Remitly Global in the 3rd quarter worth approximately $144,000. Finally, Point72 Hong Kong Ltd bought a new stake in Remitly Global during the third quarter worth approximately $151,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Remitly Global stock opened at $23.26 on Tuesday. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -66.46 and a beta of 0.07. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.51. The firm’s 50 day moving average price is $21.60 and its two-hundred day moving average price is $16.71.

Remitly Global (NASDAQ:RELYGet Free Report) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the previous year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, equities analysts predict that Remitly Global will post -0.23 EPS for the current fiscal year.

About Remitly Global

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Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.

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Analyst Recommendations for Remitly Global (NASDAQ:RELY)

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