Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $25.50.

Several equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday. Citizens Jmp lifted their price target on Remitly Global from $26.00 to $30.00 and gave the stock a “market outperform” rating in a research report on Thursday. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Finally, Monness Crespi & Hardt increased their price objective on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. The trade was a 0.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 187,188 shares of company stock valued at $4,087,718 over the last quarter. Company insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Remitly Global by 30.4% during the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after buying an additional 67,700 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Down 4.4%

RELY opened at $24.13 on Friday. The company has a market cap of $5.08 billion, a P/E ratio of 49.24 and a beta of 0.34. The firm’s 50-day moving average price is $21.69 and its 200-day moving average price is $18.03. Remitly Global has a 52-week low of $12.08 and a 52-week high of $25.75.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period last year, the business earned $0.05 EPS. On average, research analysts anticipate that Remitly Global will post 0.62 EPS for the current fiscal year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.