Analysts Set Remitly Global, Inc. (NASDAQ:RELY) PT at $25.88

Remitly Global, Inc. (NASDAQ:RELY) has been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $25.8750.

RELY has been the topic of several recent research reports. JMP Securities lowered their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. The Goldman Sachs Group dropped their price target on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research note on Monday.

Insider Activity

In other Remitly Global news, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the sale, the director owned 41,576 shares in the company, valued at approximately $550,882. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total transaction of $227,348.97. Following the completion of the transaction, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. The trade was a 0.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 64,859 shares of company stock valued at $900,458. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Remitly Global by 5.1% during the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock valued at $34,862,000 after buying an additional 104,716 shares during the last quarter. Garde Capital Inc. increased its stake in Remitly Global by 10.4% in the 3rd quarter. Garde Capital Inc. now owns 30,821 shares of the financial services provider’s stock worth $502,000 after acquiring an additional 2,915 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Remitly Global during the 3rd quarter worth approximately $290,000. Coldstream Capital Management Inc. boosted its position in shares of Remitly Global by 77.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 28,099 shares of the financial services provider’s stock valued at $458,000 after acquiring an additional 12,299 shares during the last quarter. Finally, Oberweis Asset Management Inc. boosted its position in shares of Remitly Global by 68.7% during the 3rd quarter. Oberweis Asset Management Inc. now owns 1,002,800 shares of the financial services provider’s stock valued at $16,346,000 after acquiring an additional 408,300 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of RELY opened at $13.80 on Tuesday. Remitly Global has a one year low of $12.08 and a one year high of $27.32. The firm has a market capitalization of $2.88 billion, a P/E ratio of 153.33 and a beta of 0.11. The business has a fifty day moving average of $14.05 and a 200 day moving average of $16.49.

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

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.