Remitly Global, Inc. (NASDAQ:RELY) Receives Average Rating of “Buy” from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received a consensus recommendation of “Buy” from the twelve analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $22.7778.

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. Citizens Jmp upped their target price on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Finally, Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th.

Insider Activity

In other news, Director Joshua Hug sold 29,049 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the sale, the director owned 3,575,733 shares in the company, valued at $64,291,679.34. This trade represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ankur Sinha sold 9,741 shares of Remitly Global stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This represents a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,073,290 shares of company stock worth $193,019,269 in the last three months. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Remitly Global

A number of hedge funds have recently added to or reduced their stakes in RELY. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Marshall Wace LLP grew its holdings 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 worth $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership increased its position in 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 worth $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Remitly Global by 1.7% in the fourth 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 owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Shares of RELY stock opened at $15.35 on Friday. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $15.01. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 49.52, a price-to-earnings-growth ratio of 0.54 and a beta of 0.06. Remitly Global has a 12-month low of $12.08 and a 12-month high of $24.70.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Remitly Global’s quarterly revenue was up 25.7% on a year-over-year basis. On average, equities analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Remitly Global Company Profile

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.