Remitly Global, Inc. (NASDAQ:RELY) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have earned an average rating of "Moderate Buy" from the nine analysts that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $28.50.

Several research analysts recently commented on the company. The Goldman Sachs Group dropped their price target on Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. KeyCorp reduced their target price on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. Finally, BMO Capital Markets lifted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $19.23, for a total transaction of $192,300.00. Following the sale, the insider now directly owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. The trade was a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,166 shares of company stock worth $1,133,685 in the last ninety days. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently bought and sold shares of the company. Stifel Financial Corp increased its position in Remitly Global by 168.4% during the third quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider's stock worth $693,000 after buying an additional 32,473 shares during the last quarter. Barclays PLC increased its holdings in Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock worth $18,858,000 after purchasing an additional 227,231 shares in the last quarter. Principal Financial Group Inc. grew its stake in Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. Green Alpha Advisors LLC boosted its position in shares of Remitly Global by 74.4% during the fourth quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider's stock valued at $423,000 after buying an additional 7,991 shares during the last quarter. Finally, Claro Advisors LLC boosted its stake in shares of Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock worth $287,000 after buying an additional 629 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

NASDAQ RELY traded up $0.34 during trading on Thursday, hitting $20.35. 171,402 shares of the company's stock traded hands, compared to its average volume of 1,987,396. The firm has a market cap of $4.08 billion, a P/E ratio of -107.03 and a beta of 0.15. The stock has a fifty day moving average of $21.00 and a two-hundred day moving average of $21.02. Remitly Global has a 12-month low of $11.60 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. As a group, analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Remitly Global Company Profile

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.