Remitly Global, Inc. (NASDAQ:RELY) Receives $28.88 Average Price Target from Analysts

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has earned an average rating of "Moderate Buy" from the nine ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $28.88.

Several brokerages recently issued reports on RELY. The Goldman Sachs Group boosted their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Monness Crespi & Hardt lifted their price objective on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. BMO Capital Markets boosted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, JMP Securities restated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th.

Insider Transactions at Remitly Global

In other news, major shareholder Ltd Naspers sold 11,900,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the sale, the insider now owns 25,441,745 shares in the company, valued at $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,014,884 shares of company stock worth $274,801,834 over the last quarter. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in Remitly Global in the fourth quarter valued at $28,000. Elequin Capital LP acquired a new position in Remitly Global in the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Remitly Global in the first quarter valued at $41,000. Exchange Traded Concepts LLC acquired a new position in Remitly Global in the first quarter valued at $46,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Remitly Global in the first quarter valued at $66,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of RELY traded down $0.33 during midday trading on Monday, reaching $22.33. 2,234,531 shares of the stock were exchanged, compared to its average volume of 2,034,343. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of -117.53 and a beta of 0.16. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The business's 50-day moving average price is $20.95 and its 200 day moving average price is $21.90.

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

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.