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

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten brokerages that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $21.88.

Several brokerages have recently weighed in on RELY. KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday. The Goldman Sachs Group lowered their target price on shares of Remitly Global from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $13.00 to $18.00 in a report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 20th. Finally, Monness Crespi & Hardt lifted their target price on shares of Remitly Global from $29.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, August 1st.

Remitly Global Stock Performance

RELY stock traded up $2.72 on Thursday, reaching $17.98. 7,508,292 shares of the company were exchanged, compared to its average volume of 1,675,634. The firm has a market capitalization of $3.51 billion, a PE ratio of -49.69 and a beta of 0.10. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.62. The stock's fifty day moving average price is $13.87 and its 200 day moving average price is $13.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.46 and a quick ratio of 2.46.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. The firm's revenue for the quarter was up 39.3% on a year-over-year basis. On average, research analysts anticipate that Remitly Global will post -0.3 EPS for the current fiscal year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. WoodTrust Financial Corp lifted its stake in Remitly Global by 54.2% in the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider's stock valued at $248,000 after buying an additional 6,500 shares during the period. Values First Advisors Inc. boosted its holdings in Remitly Global by 30.2% during the third quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider's stock worth $198,000 after buying an additional 3,426 shares during the last quarter. Brighton Jones LLC grew its position in shares of Remitly Global by 17.3% during the 3rd quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider's stock worth $5,735,000 after buying an additional 63,271 shares during the period. Finally, Bleakley Financial Group LLC increased its stake in shares of Remitly Global by 29.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 15,178 shares of the financial services provider's stock valued at $203,000 after acquiring an additional 3,422 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

About Remitly Global

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.