Remitly Global, Inc. (NASDAQ:RELY) Receives $22.78 Average PT from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received an average recommendation of “Buy” from the thirteen research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $22.7778.

Several equities analysts recently commented on RELY shares. Citizens Jmp increased their target price on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Bank of America began coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Cantor Fitzgerald lifted their price objective on Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, February 19th. Finally, Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th.

Remitly Global Stock Up 2.7%

Shares of RELY opened at $17.31 on Thursday. Remitly Global has a 1 year low of $12.08 and a 1 year high of $24.70. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The stock has a 50 day simple moving average of $15.54 and a two-hundred day simple moving average of $14.77. The firm has a market cap of $3.65 billion, a P/E ratio of 55.84, a P/E/G ratio of 0.60 and a beta of 0.09.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same period last year, the firm posted ($0.03) earnings per share. The business’s revenue was up 25.7% compared to the same quarter last year. On average, analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, Director Joshua Hug sold 29,049 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total value of $522,301.02. Following the completion of the sale, the director owned 3,575,733 shares in the company, valued at approximately $64,291,679.34. The trade was a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ankur Sinha sold 9,741 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the sale, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This trade represents a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 12,084,720 shares of company stock worth $193,194,734. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in RELY. Torren Management LLC purchased a new position in shares of Remitly Global in the fourth quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter worth about $28,000. GAMMA Investing LLC grew its stake in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the third quarter worth about $33,000. Finally, HighMark Wealth Management LLC purchased a new position in Remitly Global during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.