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

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus rating of “Moderate Buy” by the nine brokerages that are currently covering the firm, Marketbeat.com reports. One investment 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 updated their coverage on the stock in the last year is $27.25.

RELY has been the subject of a number of recent research reports. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Wells Fargo & Company boosted their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Barclays raised their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group reduced their target price on Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday.

Remitly Global Trading Down 7.3 %

Shares of NASDAQ RELY opened at $18.66 on Friday. The business’s 50 day moving average is $22.79 and its 200-day moving average is $20.28. The firm has a market cap of $3.74 billion, a P/E ratio of -98.21 and a beta of 0.15. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

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

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’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 value of $337,450.62. Following the sale, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,749 shares of company stock worth $1,081,736. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Remitly Global in the 4th quarter valued at approximately $15,120,000. Mackenzie Financial Corp acquired a new position in Remitly Global in the 4th quarter valued at approximately $211,000. Neo Ivy Capital Management raised its stake in shares of Remitly Global by 101.2% during the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider’s stock valued at $2,127,000 after acquiring an additional 47,430 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock worth $7,103,000 after purchasing an additional 72,687 shares during the period. Finally, Washington Harbour Partners LP bought a new stake in shares of Remitly Global in the fourth quarter worth $2,009,000. 74.25% of the stock is owned by institutional investors and hedge funds.

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.