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

Key Points

• Remitly Global has received a consensus rating of "Moderate Buy" from nine brokerages, with eight analysts recommending a buy and one a hold.
• The company reported a 34.4% year-over-year revenue increase but missed EPS estimates for the last quarter, posting $0.04 compared to the expected $0.18.
• Insiders sold a total of 127,280 shares of Remitly Global stock recently, indicating a mixed sentiment among company executives.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nine brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $29.00.

A number of research analysts have commented on RELY shares. KeyCorp reiterated an "overweight" rating and set a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. The Goldman Sachs Group increased their price objective on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Monness Crespi & Hardt increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen lowered Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, the chief executive officer owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $19.65, for a total value of $196,500.00. Following the sale, the director directly owned 3,663,811 shares of the company's stock, valued at approximately $71,993,886.15. This trade represents a 0.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,583 shares of company stock worth $828,744. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Elequin Capital LP purchased a new stake in Remitly Global in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global in the first quarter worth $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global in the first quarter worth $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global in the first quarter worth $66,000. Finally, Flaharty Asset Management LLC purchased a new stake in Remitly Global in the first quarter worth $94,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

NASDAQ RELY traded up $0.05 on Wednesday, reaching $18.53. 2,877,944 shares of the company's stock traded hands, compared to its average volume of 4,456,037. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a 50-day simple moving average of $18.15 and a 200 day simple moving average of $20.20. The stock has a market cap of $3.82 billion, a PE ratio of 308.88 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The firm's revenue was up 34.4% on a year-over-year basis. As a group, analysts anticipate that Remitly Global will post -0.04 EPS for the current 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.