Remitly Global, Inc. (NASDAQ:RELY) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) have received an average recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $22.75.

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised 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 report on Thursday, October 31st. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price objective on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Barclays upped their price objective 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, JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 82,012 shares of company stock worth $1,435,212. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

A number of large investors have recently modified their holdings of RELY. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new position in Remitly Global during the 3rd quarter worth $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC acquired a new stake in Remitly Global in the third quarter worth about $144,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Remitly Global in the third quarter valued at approximately $151,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of NASDAQ RELY traded down $0.18 during trading on Tuesday, hitting $22.40. 1,082,661 shares of the company were exchanged, compared to its average volume of 1,244,045. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.51. The company has a market cap of $4.44 billion, a price-to-earnings ratio of -64.00 and a beta of 0.07. The firm's fifty day moving average price is $21.32 and its 200 day moving average price is $16.44.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. The firm's revenue was up 39.3% on a year-over-year basis. On average, research analysts forecast 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.