Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $22.75

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus rating of “Moderate Buy” by the nine analysts that are presently covering the firm, MarketBeat 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 issued a report on the stock in the last year is $23.13.

A number of brokerages have issued reports on RELY. Wells Fargo & Company raised their target price on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. KeyCorp upped their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,893 shares of company stock valued at $864,720. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its stake in shares of 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 worth $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new stake in Remitly Global during the third quarter worth about $76,000. FMR LLC boosted its position in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the last quarter. Green Alpha Advisors LLC bought a new position in Remitly Global in the third quarter valued at approximately $144,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Remitly Global during the 3rd quarter worth approximately $151,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $23.12 on Tuesday. The company’s 50 day simple moving average is $21.52 and its 200 day simple moving average is $16.60. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $23.51. The firm has a market capitalization of $4.58 billion, a P/E ratio of -66.06 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the business posted ($0.20) EPS. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. Sell-side analysts expect that Remitly Global will post -0.23 EPS for the current fiscal year.

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.