Remitly Global, Inc. (NASDAQ:RELY) Receives $28.88 Consensus PT from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the nine research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $28.88.

A number of equities research analysts recently weighed in on RELY shares. Barclays raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group increased their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th.

Remitly Global Stock Performance

RELY stock traded up $0.18 during trading on Friday, reaching $19.53. 3,711,928 shares of the company traded hands, compared to its average volume of 2,103,868. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The business has a 50 day simple moving average of $21.12 and a 200 day simple moving average of $21.98. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of -102.79 and a beta of 0.18.

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

Insider Transactions at Remitly Global

In other news, CAO Luke Tavis sold 2,920 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,208 shares in the company, valued at $25,549.20. This trade represents a 70.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bora Chung sold 13,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the transaction, the director now owns 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,084,968 shares of company stock worth $276,321,392 over the last three months. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp raised its position in Remitly Global by 10.4% during the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after acquiring an additional 5,390 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at approximately $1,228,000. Bank of Montreal Can increased its position in shares of Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after buying an additional 1,435 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Remitly Global by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock valued at $28,135,000 after buying an additional 25,616 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after buying an additional 24,559 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.