Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $23.75

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nine analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $23.75.

RELY has been the subject of several analyst reports. Barclays raised their price objective on Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Wells Fargo & Company raised their price objective on Remitly Global from $18.00 to $21.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Thursday, October 31st. Finally, KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,059 shares of company stock valued at $1,489,808. Insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after acquiring an additional 380,159 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after acquiring an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock valued at $48,980,000 after acquiring an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock valued at $47,578,000 after acquiring an additional 431,987 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after acquiring an additional 107,468 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Down 1.9 %

NASDAQ RELY traded down $0.48 during trading on Friday, hitting $25.22. 941,382 shares of the stock traded hands, compared to its average volume of 1,509,851. The company has a market capitalization of $5.00 billion, a P/E ratio of -72.06 and a beta of 0.07. The firm has a 50-day simple moving average of $22.77 and a 200-day simple moving average of $17.96. Remitly Global has a 12-month low of $11.60 and a 12-month high of $25.78.

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.