Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $23.75

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Moderate Buy” by the nine research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $23.75.

Several brokerages have commented on RELY. Barclays upped their price target on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. KeyCorp raised their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company increased their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th.

Remitly Global Trading Down 0.7 %

Shares of RELY opened at $25.05 on Friday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $25.78. The firm has a market capitalization of $4.96 billion, a P/E ratio of -71.57 and a beta of 0.07. The stock’s fifty day simple moving average is $22.94 and its 200 day simple moving average is $18.09.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,059 shares of company stock valued at $1,489,808 over the last 90 days. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Remitly Global in the 3rd quarter valued at about $693,000. DHK Financial Advisors Inc. bought a new position in shares of Remitly Global during the fourth quarter worth about $273,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Remitly Global in the third quarter worth about $628,000. 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.