Remitly Global, Inc. (NASDAQ:RELY) Stock Now Rated "Buy" by Wall Street Analysts

Key Points

• Analysts hold a consensus “Buy” rating on Remitly Global, with 10 buys, one strong buy and one hold among 12 analysts. The average 12-month price target is $27.78.
• Remitly’s latest quarterly results exceeded expectations, with earnings per share of $0.93 versus a $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• The stock opened at $24.82, near its 12-month high of $27.48, while insiders sold $11.87 million worth of shares over the past 90 days; institutional investors own 74.25% of the company.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given a consensus recommendation of "Buy" by the twelve analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $27.78.

Several equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Remitly Global from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 16th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Cantor Fitzgerald lifted their price target on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Finally, KeyCorp upped their price objective on Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th.

Insider Activity

In related news, CFO Vikas D. Mehta sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the transaction, the chief financial officer owned 943,735 shares of the company's stock, valued at $24,678,670.25. This trade represents a 2.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nigel W. Morris sold 6,300 shares of Remitly Global stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total transaction of $170,289.00. Following the sale, the director directly owned 1,804,756 shares of the company's stock, valued at $48,782,554.68. This represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 478,738 shares of company stock worth $11,874,000 in the last ninety days. 6.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RELY. IFP Advisors Inc raised its holdings in shares of Remitly Global by 59.1% in the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 527 shares in the last quarter. Summit Securities Group LLC bought a new position in Remitly Global during the 1st quarter worth about $26,000. Nykredit A S purchased a new position in Remitly Global during the 2nd quarter valued at about $40,000. GAMMA Investing LLC raised its holdings in shares of Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 677 shares in the last quarter. Finally, USA Financial Formulas bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $70,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Performance

Shares of RELY stock opened at $24.82 on Monday. Remitly Global has a 12 month low of $12.08 and a 12 month high of $27.48. The company has a 50 day simple moving average of $23.90 and a two-hundred day simple moving average of $22.55. The stock has a market cap of $5.25 billion, a P/E ratio of 17.86 and a beta of 0.39.

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 the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company's revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. As a group, equities analysts forecast that Remitly Global will post 0.85 earnings per share for the current year.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.

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