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

Key Points

• Analysts are broadly positive on Remitly Global, with 12 brokerages giving it a consensus rating of “Moderate Buy” and an average 1-year target price of $25.50.
• The company recently beat earnings and revenue expectations, reporting EPS of $0.23 versus $0.12 expected and revenue of $452.8 million, up 25.2% year over year.
• Remitly shares were trading at $24.13 after a 4.4% decline, while insider selling and heavy institutional ownership remain notable factors for investors.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has received an average recommendation of "Moderate Buy" from the twelve brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $25.50.

A number of equities analysts have commented on RELY shares. Zacks Research downgraded shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Weiss Ratings upgraded Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. The Goldman Sachs Group increased their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Cantor Fitzgerald raised their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Finally, Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, May 7th.

Remitly Global Stock Down 4.4%

Shares of Remitly Global stock opened at $24.13 on Friday. The stock's fifty day moving average is $21.69 and its two-hundred day moving average is $18.03. Remitly Global has a 52 week low of $12.08 and a 52 week high of $25.75. The company has a market capitalization of $5.08 billion, a PE ratio of 49.24 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business's revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 earnings per share. As a group, research analysts anticipate that Remitly Global will post 0.62 earnings per share for the current year.

Insider Activity

In related news, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares in the company, valued at $25,762,668.26. The trade was a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vikas D. Mehta sold 25,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares of the company's stock, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 187,188 shares of company stock valued at $4,087,718. Company insiders own 6.53% of the company's stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Baillie Gifford & Co. raised its holdings in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Marshall Wace LLP grew its position in shares of Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider's stock worth $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock worth $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider's stock valued at $57,278,000 after acquiring an additional 67,700 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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