Remitly Global, Inc. (NASDAQ:RELY) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have earned an average rating of "Moderate Buy" from the nine research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $28.88.

Several equities analysts have issued reports on the stock. Barclays upped their target price 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. The Goldman Sachs Group increased their price objective on shares of 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 target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Finally, Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th.

Insider Transactions at Remitly Global

In related news, major shareholder Ltd Naspers sold 11,900,000 shares of the business's 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 sale, the insider now directly owns 25,441,745 shares in the company, valued at approximately $582,361,543.05. The trade was a 31.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm's 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 sale, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,104,551 shares of company stock worth $276,698,040 in the last three months. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of the business. Alliancebernstein L.P. lifted its holdings in shares of Remitly Global by 366.8% in the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after buying an additional 4,037,151 shares during the period. Norges Bank acquired a new stake in shares of Remitly Global in the 4th quarter worth $66,169,000. Driehaus Capital Management LLC purchased a new stake in Remitly Global in the first quarter valued at about $32,731,000. Nuveen LLC acquired a new stake in Remitly Global in the first quarter worth about $32,703,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after acquiring an additional 1,276,991 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Trading Down 2.9%

RELY traded down $0.57 during midday trading on Friday, reaching $19.35. The company's stock had a trading volume of 3,418,669 shares, compared to its average volume of 2,096,095. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -101.84 and a beta of 0.18. The stock's 50-day moving average is $21.08 and its 200-day moving average is $21.98.

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