Remitly Global, Inc. (NASDAQ:RELY) Receives $28.88 Average Target Price from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has received an average rating of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $28.88.

Several research firms have recently weighed in on RELY. BMO Capital Markets boosted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. The Goldman Sachs Group lifted their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $22.34 on Monday. The firm’s 50 day moving average price is $20.83 and its 200-day moving average price is $21.84. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The company has a market cap of $4.55 billion, a PE ratio of -117.58 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same period in the previous year, the business earned ($0.11) EPS. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the sale, the insider now owns 25,441,745 shares of the company’s stock, valued at $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,000,301 shares of company stock valued at $274,474,592. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after acquiring an additional 306,099 shares during the period. Baillie Gifford & Co. raised its holdings in Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares during the period. Alliancebernstein L.P. lifted its position in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock valued at $106,867,000 after purchasing an additional 4,037,151 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after purchasing an additional 49,281 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

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.