Remitly Global, Inc. (NASDAQ:RELY) Receives $28.13 Average Price Target from Brokerages

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the nine brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $28.13.

RELY has been the subject of several recent analyst reports. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets increased their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group raised their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, February 20th.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Wednesday, January 22nd. The shares were 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 of the company's stock, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 43,749 shares of company stock valued at $1,009,289. Corporate insiders own 8.10% of the company's stock.

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Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Remitly Global in the fourth quarter valued at $15,120,000. Mackenzie Financial Corp bought a new position in shares of Remitly Global during the fourth quarter valued at about $211,000. Neo Ivy Capital Management lifted its position in shares of Remitly Global by 101.2% during the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider's stock valued at $2,127,000 after purchasing an additional 47,430 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock valued at $7,103,000 after purchasing an additional 72,687 shares in the last quarter. Finally, Washington Harbour Partners LP bought a new position in shares of Remitly Global during the fourth quarter valued at about $2,009,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

Shares of RELY traded down $0.51 during trading hours on Wednesday, hitting $21.09. 4,018,122 shares of the stock were exchanged, compared to its average volume of 2,080,039. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The business has a 50-day moving average of $23.82 and a 200-day moving average of $19.32. The firm has a market capitalization of $4.23 billion, a P/E ratio of -111.00 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. As a group, analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal 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.