Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus rating of “Moderate Buy” from the twelve analysts that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, eight have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $24.3333.

A number of equities analysts have commented on RELY shares. Monness Crespi & Hardt reduced their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Cantor Fitzgerald upgraded Remitly Global to a “strong-buy” rating in a report on Tuesday. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th.

Remitly Global Stock Performance

NASDAQ:RELY opened at $13.22 on Friday. The company has a fifty day moving average of $13.83 and a two-hundred day moving average of $15.71. The stock has a market capitalization of $2.76 billion, a PE ratio of 146.89 and a beta of 0.11. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. During the same quarter last year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. Research analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,776 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% 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, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the sale, the insider owned 220,830 shares of the company’s stock, valued at approximately $3,312,450. The trade was a 1.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 50,276 shares of company stock worth $673,109 in the last ninety days. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. raised its stake in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the period. Marshall Wace LLP increased its holdings in shares of Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after buying an additional 1,962,076 shares during the last quarter. Norges Bank purchased a new stake in shares of Remitly Global during the 2nd quarter valued at approximately $36,619,000. Finally, Azora Capital LP acquired a new position in Remitly Global in the third quarter valued at approximately $31,213,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.