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

Remitly Global, Inc. (NASDAQ:RELY) has earned an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $28.13.

Several equities analysts have recently issued reports on the stock. Barclays lifted their price objective 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. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group raised their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $20.94 on Friday. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market cap of $4.20 billion, a P/E ratio of -110.21 and a beta of 0.07. The stock has a fifty day moving average price of $22.98 and a two-hundred day moving average price of $20.20.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, research analysts predict that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was 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 directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,749 shares of company stock valued at $1,081,736. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Large investors have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after purchasing an additional 534 shares during the last quarter. XTX Topco Ltd increased its position in Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after buying an additional 563 shares during the last quarter. Claro Advisors LLC raised its holdings in Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after buying an additional 629 shares in the last quarter. Sei Investments Co. lifted its position in shares of Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after buying an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. boosted its stake in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 653 shares in the last quarter. 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.