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

Key Points

• Remitly Global, Inc. has received a consensus recommendation of "Moderate Buy" from analysts, with a varied rating distribution showing one sell, two hold, and eight buy ratings.
• The average 1-year price target for Remitly is $27.25, with notable changes in target prices from firms like Goldman Sachs and KeyCorp.
• Insider transactions involved significant sales by directors, with a total of 79,360 shares sold in the last three months, reflecting a decrease in their ownership stakes.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $27.25.

A number of research firms have commented on RELY. The Goldman Sachs Group reduced their target price on Remitly Global from $26.00 to $21.00 and set a "buy" rating for the company in a report on Monday. KeyCorp reiterated an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. JMP Securities dropped their target price on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, September 15th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Remitly Global in a research report on Wednesday, October 8th.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% 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. Also, Director Joshua Hug sold 40,777 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the transaction, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,360 shares of company stock valued at $1,468,999 in the last three months. 7.50% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. grew its position in shares of Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after purchasing an additional 4,037,151 shares during the last quarter. Norges Bank acquired a new stake in Remitly Global during the 2nd quarter valued at $36,619,000. Driehaus Capital Management LLC acquired a new stake in Remitly Global during the 1st quarter valued at $32,731,000. Nuveen LLC purchased a new position in Remitly Global during the first quarter worth $32,703,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Remitly Global by 97.2% in 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 acquiring an additional 1,472,210 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 1.1%

NASDAQ RELY opened at $15.48 on Thursday. The stock has a market capitalization of $3.19 billion, a P/E ratio of 258.04 and a beta of 0.10. Remitly Global has a 52-week low of $13.80 and a 52-week high of $27.32. The firm has a 50-day moving average price of $17.76 and a 200 day moving average price of $19.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results 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). The business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business's revenue for the quarter was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) EPS. On average, equities research analysts expect 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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