Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) PT at $28.13

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have been given an average rating of "Moderate Buy" by the nine ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $27.25.

Several research analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. The Goldman Sachs Group cut their target price on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target 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, BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th.

Remitly Global Price Performance

Shares of RELY traded down $1.22 during trading hours on Friday, hitting $20.16. 272,370 shares of the company were exchanged, compared to its average volume of 2,177,599. The company has a market capitalization of $4.04 billion, a PE ratio of -106.11 and a beta of 0.07. The firm has a fifty day simple moving average of $22.95 and a 200-day simple moving average of $20.21. Remitly Global has a one year low of $11.60 and a one year high of $27.32.

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

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,749 shares of company stock valued at $1,081,736. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in the stock. Comerica Bank raised its position in shares of Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 534 shares during the period. XTX Topco Ltd grew its stake in Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock valued at $194,000 after buying an additional 563 shares during the last quarter. Claro Advisors LLC raised its holdings in Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock worth $287,000 after acquiring an additional 629 shares during the period. Sei Investments Co. raised its holdings in Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after acquiring an additional 636 shares during the period. Finally, Values First Advisors Inc. lifted its position in Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after acquiring an additional 653 shares during the last quarter. 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.