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

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

A number of equities research analysts have commented on RELY shares. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, KeyCorp lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the sale, the director owned 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Luke Tavis sold 2,920 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total transaction of $61,758.00. Following the sale, the chief accounting officer owned 1,208 shares in the company, valued at approximately $25,549.20. This represents a 70.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,084,968 shares of company stock valued at $276,321,392. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of the business. Voya Investment Management LLC raised its stake in Remitly Global by 7.4% during the first quarter. Voya Investment Management LLC now owns 61,068 shares of the financial services provider's stock worth $1,270,000 after purchasing an additional 4,212 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of Remitly Global in the first quarter valued at approximately $7,566,000. Rhumbline Advisers grew its holdings in shares of Remitly Global by 5.4% in the first quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider's stock valued at $4,570,000 after purchasing an additional 11,213 shares in the last quarter. Strs Ohio acquired a new position in shares of Remitly Global in the first quarter valued at approximately $1,046,000. Finally, Intech Investment Management LLC increased its position in shares of Remitly Global by 53.0% in the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider's stock valued at $1,931,000 after purchasing an additional 32,150 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Trading Up 0.1%

Remitly Global stock opened at $18.52 on Tuesday. The firm has a 50-day moving average of $20.93 and a 200-day moving average of $21.78. The firm has a market cap of $3.78 billion, a P/E ratio of -617.33 and a beta of 0.13. Remitly Global has a 1-year low of $12.33 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same period last year, the business posted ($0.11) earnings per share. Remitly Global's quarterly revenue was up 34.3% compared to the same quarter last year. 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.

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