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

Key Points

• Remitly Global has a consensus analyst rating of Moderate Buy from 13 analysts (10 buy, 2 hold, 1 strong buy) with an average 1‑year price target of $22.67.
• The company beat quarterly expectations with $0.19 EPS vs. $0.02 expected and revenue of $442.2M (up 25.7% year‑over‑year), while shares trade around $22.79 with a P/E of 73.5 and a $4.79B market cap.
• Insiders have sold more than 12.16M shares (~$194.8M) in the last 90 days — including a 12M‑share sale by Naspers — even as institutional investors hold about 74.3% of the stock.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the thirteen analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $22.6667.

A number of analysts have recently commented on the company. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Wall Street Zen lowered Remitly Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Cantor Fitzgerald upped their target price on Remitly Global from $20.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. The Goldman Sachs Group upped their target price on Remitly Global from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. Finally, Citigroup reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 19th.

Remitly Global Stock Performance

RELY stock opened at $22.79 on Monday. The business's 50-day moving average price is $17.41 and its two-hundred day moving average price is $15.21. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $4.79 billion, a PE ratio of 73.52, a P/E/G ratio of 0.80 and a beta of 0.40. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company's quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) earnings per share. As a group, research analysts forecast that Remitly Global will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, Director Joshua Hug sold 16,800 shares of the company's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $21.56, for a total transaction of $362,208.00. Following the sale, the director owned 3,533,503 shares in the company, valued at approximately $76,182,324.68. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ltd Naspers sold 12,000,000 shares of the company's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the sale, the insider owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,163,520 shares of company stock valued at $194,773,102 in the last ninety days. Insiders own 7.50% of the company's stock.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC bought a new stake in Remitly Global in the first quarter valued at approximately $26,000. Torren Management LLC bought a new stake in Remitly Global in the fourth quarter valued at approximately $25,000. Essex Investment Management Co. LLC bought a new stake in Remitly Global in the third quarter valued at approximately $33,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. Finally, First Horizon Corp bought a new stake in Remitly Global in the third quarter valued at approximately $36,000. Institutional investors own 74.25% of the company's stock.

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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