Remitly Global (NASDAQ:RELY) Shares Gap Up - Time to Buy?

Key Points

• Remitly Global shares opened at $19.50 after closing at $16.47, indicating a significant increase.
• Several analysts have raised their price targets, with Goldman Sachs now at $26.00 and JMP Securities at $32.00, maintaining a "buy" rating overall.
• Despite missing earnings estimates, the company reported a 34.4% increase in quarterly revenue year-over-year, totaling $411.85 million.

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $16.47, but opened at $19.50. Remitly Global shares last traded at $19.43, with a volume of 3,200,508 shares trading hands.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday. Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. Barclays raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Finally, Monness Crespi & Hardt boosted their price objective 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. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

Remitly Global Stock Performance

The company has a market cap of $3.92 billion, a price-to-earnings ratio of 316.72 and a beta of 0.12. The firm's 50-day moving average price is $18.56 and its 200 day moving average price is $20.81.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The firm had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%. Remitly Global's revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the transaction, the director owned 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bora Chung sold 13,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total value of $295,880.00. Following the completion of the transaction, the director owned 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This trade represents a 11.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,041,833 shares of company stock valued at $275,390,023. Insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock worth $311,109,000 after acquiring an additional 306,099 shares during the last quarter. Alliancebernstein L.P. increased its holdings 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 period. ArrowMark Colorado Holdings LLC increased its holdings in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Geode Capital Management LLC grew its holdings in Remitly Global by 3.6% during the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider's stock worth $70,347,000 after acquiring an additional 129,706 shares during the period. Finally, Deutsche Bank AG boosted its position in Remitly Global by 20.4% during the first quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider's stock worth $49,324,000 after purchasing an additional 402,417 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.