Remitly Global, Inc. (NASDAQ:RELY) Receives $23.75 Consensus PT from Brokerages

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

Several research analysts recently weighed in on RELY shares. Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Barclays upped 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. JMP Securities lifted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Finally, KeyCorp upped their price objective 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.

Remitly Global Price Performance

RELY opened at $25.70 on Friday. Remitly Global has a one year low of $11.60 and a one year high of $25.78. The firm has a market capitalization of $5.09 billion, a P/E ratio of -73.43 and a beta of 0.07. The company has a fifty day moving average price of $22.67 and a 200-day moving average price of $17.88.

Insider Activity

In other news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,059 shares of company stock worth $1,489,808. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Large investors have recently modified their holdings of the stock. Baillie Gifford & Co. grew its position in Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after purchasing an additional 150,602 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the last quarter. Geode Capital Management LLC lifted its position in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after acquiring an additional 107,468 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in 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 purchasing an additional 2,001,198 shares during the last quarter. 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.