Remitly Global, Inc. (NASDAQ:RELY) Given Consensus Rating of “Moderate Buy” by Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $28.13.

RELY has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

A number of large investors have recently bought and sold shares of RELY. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter valued at $28,000. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. R Squared Ltd bought a new position in Remitly Global during the fourth quarter worth about $89,000. FMR LLC increased its stake in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the fourth quarter valued at approximately $135,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Down 1.2 %

NASDAQ:RELY opened at $20.93 on Friday. The firm has a market capitalization of $4.20 billion, a P/E ratio of -110.16 and a beta of 0.07. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The company has a fifty day moving average of $23.07 and a 200-day moving average of $20.06.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, analysts anticipate that Remitly Global will post -0.04 EPS 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.