Remitly Global, Inc. (NASDAQ:RELY) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Remitly Global, Inc. has received an average rating of "Moderate Buy" from nine research firms, with one hold and eight buy recommendations.
• The company's shares are currently priced at $15.79, with an expected one-year price target of $28.88 according to analysts.
• Remitly reported a revenue increase of 34.3% year-over-year, with earnings per share of $0.05, exceeding analysts' expectations of a loss.

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the company, Marketbeat.com reports. One investment 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 brokerages that have covered the stock in the last year is $28.8750.

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

Insider Activity

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the transaction, the director directly owned 102,257 shares of the company's stock, valued at $2,079,907.38. The trade was a 4.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bora Chung sold 13,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $22.76, for a total transaction of $295,880.00. Following the transaction, the director directly owned 103,171 shares of the company's stock, valued at $2,348,171.96. The trade was a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,041,833 shares of company stock worth $275,390,023 over the last three months. Insiders own 8.10% of the company's stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently made changes to their positions in RELY. Elequin Capital LP acquired a new stake in shares of Remitly Global during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Remitly Global during the first quarter valued at approximately $41,000. Exchange Traded Concepts LLC acquired a new stake in shares of Remitly Global during the first quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Remitly Global during the first quarter valued at approximately $66,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of Remitly Global during the first quarter valued at approximately $94,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Up 2.7%

Shares of RELY traded up $0.44 during midday trading on Friday, hitting $16.77. The company had a trading volume of 3,720,968 shares, compared to its average volume of 2,810,756. The company's 50 day moving average price is $18.79 and its 200 day moving average price is $20.96. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -559.83 and a beta of 0.12. 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 released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The company's revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) EPS. Equities analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal 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.