Remitly Global, Inc. (NASDAQ:RELY) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus rating of “Moderate Buy” by the nine research firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $23.75.

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

Remitly Global Stock Down 0.5 %

Shares of RELY opened at $25.40 on Friday. The business’s fifty day moving average is $22.57 and its 200 day moving average is $17.73. Remitly Global has a 12-month low of $11.60 and a 12-month high of $25.74. The stock has a market cap of $5.03 billion, a P/E ratio of -72.57 and a beta of 0.07.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on 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 owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction on 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 owns 3,873,811 shares of the company’s stock, valued at $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. Insiders sold a total of 67,059 shares of company stock worth $1,489,808 in the last quarter. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in shares of 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 buying an additional 2,001,198 shares in the last quarter. M&T Bank Corp purchased a new stake in Remitly Global during the third quarter valued at about $693,000. DHK Financial Advisors Inc. bought a new stake in Remitly Global during the fourth quarter worth about $273,000. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Remitly Global by 8.8% in the 4th 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 in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Remitly Global during the 3rd quarter valued at about $628,000. Hedge funds and other 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.