Remitly Global, Inc. (NASDAQ:RELY) Receives $29.00 Consensus Price Target 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 recommendation of "Moderate Buy" by the nine research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $29.00.

RELY has been the topic of a number of recent analyst reports. KeyCorp reiterated an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, August 17th. 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 report on Thursday, May 8th. Finally, Monness Crespi & Hardt boosted their target price 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, insider Pankaj Sharma sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total transaction of $98,550.00. Following the transaction, the insider owned 186,926 shares in the company, valued at $3,684,311.46. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the transaction, the director owned 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,583 shares of company stock worth $828,744. 7.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Remitly Global by 221.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock worth $1,214,000 after acquiring an additional 37,046 shares during the period. Invesco Ltd. raised its holdings in Remitly Global by 13.0% in the fourth quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock valued at $2,519,000 after buying an additional 12,816 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Remitly Global by 132.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 28,138 shares of the financial services provider's stock valued at $633,000 after buying an additional 16,052 shares during the period. First Trust Advisors LP raised its holdings in Remitly Global by 33.1% in the fourth quarter. First Trust Advisors LP now owns 46,255 shares of the financial services provider's stock valued at $1,044,000 after buying an additional 11,512 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Remitly Global by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,257,182 shares of the financial services provider's stock valued at $50,946,000 after buying an additional 128,366 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Up 0.3%

NASDAQ:RELY traded up $0.05 on Wednesday, reaching $18.53. 2,877,944 shares of the company's stock were exchanged, compared to its average volume of 4,643,939. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 308.88 and a beta of 0.12. The business has a fifty day moving average of $18.18 and a 200-day moving average of $20.34. Remitly Global has a 52-week low of $12.43 and a 52-week high of $27.32.

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