Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) PT at $29.00

Key Points

• Remitly Global, Inc. has received a consensus rating of "Moderate Buy" from nine research firms, with one hold and eight buy recommendations, and an average target price of $29.00.
• The company reported $411.85 million in revenue for the last quarter, surpassing consensus estimates, although its earnings per share fell short, coming in at $0.04 against expectations of $0.18.
• Insider trading has seen CEO Matthew B. Oppenheimer selling 14,583 shares for about $251,994 while 74.25% of Remitly's stock is owned by institutional investors and hedge funds.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given an average recommendation of "Moderate Buy" by the nine analysts 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 target among brokerages that have issued ratings on the stock in the last year is $29.00.

Several analysts recently issued reports on RELY shares. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Barclays lifted their target price 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 target price 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. KeyCorp reaffirmed an "overweight" rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, August 17th.

Remitly Global Price Performance

NASDAQ RELY traded up $0.05 during trading hours on Wednesday, hitting $18.53. 2,877,944 shares of the company's stock traded hands, compared to its average volume of 4,643,939. Remitly Global has a 52-week low of $12.43 and a 52-week high of $27.32. The company has a market capitalization of $3.82 billion, a PE ratio of 308.88 and a beta of 0.12. The firm's 50-day moving average is $18.18 and its 200-day moving average is $20.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $384.59 million. During the same period in the prior year, the company posted ($0.06) EPS. The firm's revenue was up 34.4% on a year-over-year basis. Equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of Remitly Global 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $19.65, for a total transaction of $196,500.00. Following the transaction, the director directly owned 3,663,811 shares in the company, valued at $71,993,886.15. This trade represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,583 shares of company stock valued at $828,744 over the last three months. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RELY. Alliancebernstein L.P. boosted its stake in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after buying an additional 4,037,151 shares during the period. Norges Bank purchased a new position in Remitly Global during the second quarter worth about $36,619,000. Driehaus Capital Management LLC purchased a new position in Remitly Global during the first quarter worth about $32,731,000. Nuveen LLC purchased a new position in Remitly Global during the first quarter worth about $32,703,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Remitly Global by 97.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider's stock worth $56,058,000 after buying an additional 1,472,210 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.