Remitly Global, Inc. (NASDAQ:RELY) Receives $28.13 Consensus Price Target from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has received an average rating of “Moderate Buy” from the nine analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $28.13.

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. BMO Capital Markets raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th.

Remitly Global Trading Up 2.0 %

Remitly Global stock opened at $20.48 on Wednesday. The firm has a 50-day moving average price of $23.72 and a 200-day moving average price of $19.49. The firm has a market capitalization of $4.11 billion, a PE ratio of -107.79 and a beta of 0.07. Remitly Global has a 12-month low of $11.60 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, sell-side analysts predict that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global in the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. grew its position in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter worth approximately $76,000. R Squared Ltd purchased a new position in shares of Remitly Global in the 4th quarter worth approximately $89,000. Finally, FMR LLC boosted its stake in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.