Remitly Global Target of Unusually Large Options Trading (NASDAQ:RELY)

Key Points

• Remitly Global experienced a significant rise in options trading, with 12,112 call options traded, marking a 484% increase from the typical volume.
• Analyst ratings are positive, with several firms raising their price targets for Remitly Global, leading to an average target price of $29.00 and a consensus rating of "Moderate Buy."
• The company's recent earnings report revealed a revenue increase of 34.4% year-over-year, although it missed earnings per share expectations.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) was the target of unusually large options trading activity on Thursday. Traders acquired 12,112 call options on the stock. Thisisanincreaseofapproximately484% compared to the typical volume of 2,073 call options.

Analyst Ratings Changes

RELY has been the subject of a number of analyst reports. Barclays upped their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. The Goldman Sachs Group upped their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. Finally, KeyCorp restated an "overweight" rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a report on Thursday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Price Performance

Shares of NASDAQ RELY traded up $2.54 during trading hours on Thursday, hitting $19.01. 6,429,317 shares of the company's stock were exchanged, compared to its average volume of 2,860,871. The company's 50-day moving average price is $18.69 and its 200-day moving average price is $20.93. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of -633.37 and a beta of 0.12. Remitly Global has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued 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 the consensus estimate of $384.59 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The company's revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. On average, research analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the transaction, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 20,000 shares of Remitly Global stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the sale, the director owned 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. The trade was a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,041,833 shares of company stock valued at $275,390,023. Corporate insiders own 7.50% of the company's stock.

Institutional Trading of Remitly Global

Several hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew 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 valued at $106,867,000 after acquiring an additional 4,037,151 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in Remitly Global during the 1st quarter valued at approximately $32,731,000. Nuveen LLC acquired a new position in shares of Remitly Global in the 1st quarter valued at $32,703,000. Price T Rowe Associates Inc. MD increased its holdings in Remitly Global by 1,032.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after acquiring an additional 1,276,991 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC grew 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. 74.25% of the stock is owned by institutional investors.

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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