Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Consensus PT from Analysts

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has received an average recommendation of "Moderate Buy" from the ten brokerages that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $22.75.

A number of research firms recently commented on RELY. Barclays lifted their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. Monness Crespi & Hardt lifted their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 18th. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, JMP Securities lifted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st.

Insider Activity

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company's stock, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,231 shares of company stock valued at $673,288 in the last three months. Corporate insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. Advisors Asset Management Inc. lifted its position in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock worth $35,000 after acquiring an additional 1,344 shares in the last quarter. Blue Trust Inc. acquired a new position in Remitly Global during the 2nd quarter worth approximately $43,000. Assetmark Inc. acquired a new position in Remitly Global during the 3rd quarter worth approximately $76,000. FMR LLC raised its position in shares of 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 purchasing an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC raised its position in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 8,700 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Trading Down 2.5 %

Shares of NASDAQ:RELY traded down $0.52 during midday trading on Monday, hitting $20.52. 1,870,693 shares of the stock were exchanged, compared to its average volume of 1,740,076. The stock has a market cap of $4.06 billion, a P/E ratio of -59.11 and a beta of 0.03. Remitly Global has a twelve month low of $11.60 and a twelve month high of $22.49. The company has a 50 day moving average price of $15.88 and a 200-day moving average price of $14.23.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate 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 revenue was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.20) EPS. On average, equities research analysts expect that Remitly Global will post -0.23 earnings per share for the current year.

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.