William Blair Reaffirms “Outperform” Rating for Remitly Global (NASDAQ:RELY)

Remitly Global (NASDAQ:RELY)‘s stock had its “outperform” rating reaffirmed by investment analysts at William Blair in a report released on Thursday,RTT News reports.

Several other research firms have also commented on RELY. KeyCorp increased their target price 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. Barclays increased their target price on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. Finally, JMP Securities raised their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $23.86 on Thursday. The company’s fifty day moving average price is $23.64 and its 200-day moving average price is $18.67. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07. Remitly Global has a one year low of $11.60 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, equities research analysts expect that Remitly Global will post -0.04 EPS for the current year.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,947 shares of company stock valued at $1,467,012. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in Remitly Global during the 4th quarter valued at about $28,000. Advisors Asset Management Inc. lifted its position in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in Remitly Global during the 3rd quarter valued at about $76,000. R Squared Ltd purchased a new position in Remitly Global in the fourth quarter worth about $89,000. Finally, FMR LLC raised its holdings in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.