Remitly Global (NASDAQ:RELY) Now Covered by Bank of America

Analysts at Bank of America assumed coverage on shares of Remitly Global (NASDAQ:RELY) in a research report issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $18.00 price target on the financial services provider’s stock. Bank of America‘s target price points to a potential upside of 29.84% from the company’s current price.

A number of other research analysts also recently commented on RELY. Cantor Fitzgerald upgraded shares of Remitly Global to a “strong-buy” rating in a research note on Tuesday, January 27th. JPMorgan Chase & Co. reduced their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Monness Crespi & Hardt lowered their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Remitly Global in a report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.70.

Remitly Global Trading Up 3.1%

Remitly Global stock opened at $13.86 on Tuesday. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.32. The stock has a market cap of $2.90 billion, a P/E ratio of 154.78 and a beta of 0.11. The stock has a 50 day moving average of $13.80 and a 200-day moving average of $15.50.

Insider Activity

In related news, Director Joshua Hug sold 40,776 shares of the company’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 completion of the transaction, the director directly owned 3,654,764 shares in the company, valued at $48,718,004.12. This represents a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the transaction, the insider owned 220,830 shares of the company’s stock, valued at $3,312,450. This represents a 1.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 50,276 shares of company stock valued at $673,109. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Torren Management LLC acquired a new stake in Remitly Global in the fourth quarter worth about $25,000. Essex Investment Management Co. LLC acquired a new position in shares of Remitly Global in the 3rd quarter worth $33,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global during the fourth quarter valued at about $28,000. First Horizon Corp acquired a new position in Remitly Global in the 3rd quarter worth approximately $36,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

About Remitly Global

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.