Analysts Set Remitly Global, Inc. (NASDAQ:RELY) PT at $22.75

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $22.75.

A number of brokerages recently weighed in on RELY. JMP Securities increased their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th.

Insider Buying and Selling

In other Remitly Global 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,012 shares of company stock valued at $1,435,212. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in shares of Remitly Global in the second quarter worth $43,000. Bank of New York Mellon Corp lifted its stake in Remitly Global by 76.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 915,319 shares of the financial services provider’s stock worth $11,094,000 after purchasing an additional 396,264 shares in the last quarter. LB Partners LLC bought a new position in shares of Remitly Global during the 2nd quarter valued at about $5,736,000. Principal Financial Group Inc. grew its position in shares of Remitly Global by 7.1% during the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 1,296 shares in the last quarter. Finally, Catalytic Wealth RIA LLC bought a new stake in shares of Remitly Global in the second quarter worth about $2,342,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Price Performance

RELY stock opened at $23.07 on Friday. The stock has a market capitalization of $4.57 billion, a P/E ratio of -65.91 and a beta of 0.10. Remitly Global has a 1-year low of $11.60 and a 1-year high of $23.09. The business has a fifty day moving average price of $19.44 and a 200-day moving average price of $15.45.

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

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.