Remitly Global, Inc. (NASDAQ:RELY) Receives $27.88 Consensus Target Price from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $27.8750.

Several research firms recently weighed in on RELY. KeyCorp reiterated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. JMP Securities lowered their price target 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. Finally, Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th.

Insider Activity at Remitly Global

In related news, insider Pankaj Sharma sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total transaction of $98,550.00. Following the completion of the transaction, the insider directly owned 186,926 shares in the company, valued at $3,684,311.46. This represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,360 shares of company stock valued at $1,477,749 in the last quarter. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

A number of large investors have recently added to or reduced their stakes in RELY. Alliancebernstein L.P. increased its stake in shares of Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after purchasing an additional 4,037,151 shares in the last quarter. Norges Bank bought a new position in shares of Remitly Global in the second quarter valued at approximately $36,619,000. Driehaus Capital Management LLC bought a new position in shares of Remitly Global in the first quarter valued at approximately $32,731,000. Nuveen LLC bought a new position in shares of Remitly Global in the first quarter valued at approximately $32,703,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 97.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock valued at $56,058,000 after acquiring an additional 1,472,210 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 2.5%

NASDAQ RELY opened at $16.62 on Friday. Remitly Global has a 1-year low of $12.43 and a 1-year high of $27.32. The company has a market capitalization of $3.43 billion, a PE ratio of 277.05 and a beta of 0.13. The firm’s fifty day simple moving average is $18.09 and its 200-day simple moving average is $19.59.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The company had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. During the same period last year, the company posted ($0.06) earnings per share. The company’s revenue was up 34.4% compared to the same quarter last year. As a group, analysts predict that Remitly Global will post -0.04 EPS for the current year.

Remitly Global Company Profile

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.