Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $28.88

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the nine analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $28.88.

Several equities analysts have commented on RELY shares. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Monness Crespi & Hardt lifted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, Barclays raised their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th.

Remitly Global Stock Performance

Shares of RELY traded up $0.32 during mid-day trading on Monday, reaching $22.66. The company had a trading volume of 2,505,916 shares, compared to its average volume of 2,027,350. The company's 50 day simple moving average is $20.83 and its 200 day simple moving average is $21.84. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of -119.26 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. The firm's revenue was up 34.3% compared to the same quarter last year. As a group, equities analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 10,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $22.77, for a total transaction of $227,700.00. Following the completion of the sale, the director now directly owns 3,763,811 shares in the company, valued at approximately $85,701,976.47. This trade represents a 0.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Ltd Naspers sold 11,900,000 shares of Remitly Global stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total value of $272,391,000.00. Following the completion of the transaction, the insider now directly owns 25,441,745 shares of the company's stock, valued at approximately $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,000,301 shares of company stock valued at $274,474,592. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in RELY. Stifel Financial Corp grew its position in shares of Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after buying an additional 5,390 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Remitly Global in the fourth quarter worth $1,228,000. DHK Financial Advisors Inc. acquired a new stake in Remitly Global in the fourth quarter worth $273,000. Robeco Institutional Asset Management B.V. increased its stake in Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the period. 74.25% of the stock is currently owned by institutional investors.

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.