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

Key Points

• Remitly Global has an average analyst rating of “Moderate Buy” from 12 covering analysts, with a consensus 12-month price target of $24.63.
• The company reported strong quarterly results, with earnings of $0.23 per share versus the $0.12 estimate and revenue of $452.8 million, up 25.2% year over year.
• Insiders sold shares in recent transactions, while institutional investors remain heavily involved, with hedge funds and institutions owning 74.25% of the stock.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the twelve analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $24.6250.

RELY has been the topic of a number of recent research reports. The Goldman Sachs Group reaffirmed a "buy" rating and set a $27.00 price objective on shares of Remitly Global in a report on Thursday, May 7th. Freedom Capital raised Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. KeyCorp lifted their price objective on Remitly Global from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Weiss Ratings raised Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. Finally, Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th.

Remitly Global Stock Down 2.1%

Shares of RELY opened at $20.66 on Tuesday. Remitly Global has a 12-month low of $12.08 and a 12-month high of $24.92. The firm has a market capitalization of $4.35 billion, a price-to-earnings ratio of 42.16 and a beta of 0.37. The stock's 50-day moving average price is $20.76 and its 200 day moving average price is $16.85.

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

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider directly owned 767,810 shares of the company's stock, valued at approximately $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following 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 SEC filing for this sale provides additional information. 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 ninety days, insiders sold 243,818 shares of company stock valued at $5,093,447. Corporate insiders own 6.53% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock worth $7,142,000 after acquiring an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock worth $226,000 after acquiring an additional 1,286 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

About Remitly Global

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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