Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $22.75

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given an average recommendation of "Moderate Buy" by the nine ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $22.75.

Several research firms recently weighed in on RELY. BMO Capital Markets raised their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JMP Securities upped their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. Barclays raised their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Finally, KeyCorp boosted their price target on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st.

Remitly Global Trading Up 4.6 %

Shares of Remitly Global stock traded up $1.00 during trading hours on Friday, reaching $22.61. 3,035,704 shares of the company's stock were exchanged, compared to its average volume of 1,723,935. The stock has a market cap of $4.48 billion, a P/E ratio of -64.60 and a beta of 0.10. The company has a 50 day moving average of $18.72 and a two-hundred day moving average of $15.17. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to analysts' expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business's quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.20) earnings per share. As a group, analysts expect that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at $64,595,956.86. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 over the last three months. Insiders own 8.10% of the company's stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. acquired a new stake in shares of Remitly Global in the second quarter valued at approximately $43,000. Advisors Asset Management Inc. increased its stake in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. bought a new position in Remitly Global during the 3rd quarter worth $76,000. FMR LLC raised its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC lifted its position in shares of Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after acquiring an additional 8,700 shares during the period. 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.