Remitly Global (NASDAQ:RELY) Receives Outperform Rating from William Blair

Remitly Global (NASDAQ:RELY - Get Free Report)'s stock had its "outperform" rating reaffirmed by research analysts at William Blair in a note issued to investors on Thursday,RTT News reports.

A number of other equities research analysts also recently commented on the stock. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. JMP Securities raised their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Remitly Global Stock Down 7.5 %

Shares of RELY traded down $1.93 during mid-day trading on Thursday, reaching $23.86. 4,682,197 shares of the company's stock were exchanged, compared to its average volume of 1,861,512. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The company has a 50-day simple moving average of $23.64 and a two-hundred day simple moving average of $18.67. The company has a market cap of $4.73 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.

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, topping analysts' consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. As a group, equities research analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity

In related news, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock valued at $1,467,012 in the last ninety days. Company insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in Remitly Global during the 4th quarter worth $28,000. Advisors Asset Management Inc. lifted its stake 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 worth $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Remitly Global in the third quarter worth about $76,000. R Squared Ltd purchased a new stake in shares of Remitly Global in the fourth quarter worth about $89,000. Finally, 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 valued at $93,000 after buying an additional 1,970 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.