Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) PT at $28.50

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $28.50.

A number of equities analysts recently issued reports on the company. KeyCorp decreased their target price on Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a report on Wednesday. Barclays lifted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. JPMorgan Chase & Co. increased their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Finally, JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th.

Remitly Global Trading Up 0.4 %

RELY traded up $0.07 during trading hours on Thursday, hitting $20.05. The company's stock had a trading volume of 1,458,142 shares, compared to its average volume of 1,988,946. The company has a 50-day simple moving average of $21.00 and a 200 day simple moving average of $20.91. The firm has a market capitalization of $4.02 billion, a PE ratio of -105.53 and a beta of 0.15. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Research analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction 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 sale, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 10,000 shares of the business's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $19.23, for a total transaction of $192,300.00. Following the completion of the transaction, the insider now directly owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. This represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,166 shares of company stock valued at $1,133,685 in the last quarter. Corporate insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter valued at about $28,000. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global in the first quarter worth about $46,000. R Squared Ltd bought a new stake in Remitly Global during the 4th quarter worth approximately $89,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global during the fourth quarter worth $135,000. Finally, KBC Group NV raised its stake in shares of Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 2,033 shares during the period. Institutional investors and hedge funds 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.