Remitly Global, Inc. (NASDAQ:RELY) Stock Has Consensus Target Price of $27.78

Key Points

• Analysts remain bullish: Remitly Global has a consensus “Buy” rating from 13 analysts, with an average 12-month price target of $27.78 versus its recent price of $21.34.
• Quarterly results exceeded expectations: The company reported $0.93 in earnings per share, well above the $0.12 estimate, while revenue rose 20.2% year over year to $495.16 million.
• Ownership activity was mixed: Insiders sold 473,238 shares worth about $11.7 million during the last quarter, while institutional investors and hedge funds own 74.25% of the stock.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has received an average rating of "Buy" from the thirteen ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $27.78.

Several equities analysts recently issued reports on RELY shares. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Zacks Research upgraded Remitly Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. Cantor Fitzgerald upped their target price on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th.

Insider Buying and Selling at Remitly Global

In related news, Director Phillip Riese sold 160,182 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the sale, the director owned 361,094 shares of the company's stock, valued at $9,005,684.36. The trade was a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the transaction, the insider directly owned 716,022 shares of the company's stock, valued at $18,895,820.58. This trade represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 473,238 shares of company stock valued at $11,746,510 over the last quarter. 6.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its stake in shares of Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 527 shares during the period. Squarepoint Ops LLC bought a new position in shares of Remitly Global during the 2nd quarter worth approximately $6,282,000. Baird Financial Group Inc. bought a new position in shares of Remitly Global during the 2nd quarter worth approximately $240,000. Allworth Financial LP boosted its stake in Remitly Global by 12.5% in the 2nd quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider's stock valued at $109,000 after buying an additional 540 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Remitly Global by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider's stock valued at $1,107,000 after buying an additional 600 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Price Performance

NASDAQ RELY opened at $21.34 on Thursday. The company's fifty day moving average is $23.95 and its two-hundred day moving average is $21.59. Remitly Global has a 52-week low of $12.08 and a 52-week high of $27.48. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 15.35 and a beta of 0.36.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global will post 0.85 earnings per share for the current fiscal year.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly's platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.

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