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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have earned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $27.6667.

RELY has been the subject of several recent research reports. Citizens Jmp boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research reiterated an “outperform” rating and set a $31.00 price target on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares of the company’s stock, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 Nigel W. Morris sold 20,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $26.20, for a total transaction of $524,000.00. Following the completion of the sale, the director owned 1,851,056 shares in the company, valued at approximately $48,497,667.20. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 499,443 shares of company stock worth $11,786,990 over the last ninety days. 6.53% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC bought a new position in Remitly Global during the second quarter worth about $840,000. Corient Private Wealth LP bought a new stake in shares of Remitly Global in the second quarter worth about $4,445,000. Bank of America Corp DE bought a new stake in shares of Remitly Global in the second quarter worth about $27,757,000. Freestone Grove Partners LP acquired a new stake in shares of Remitly Global during the second quarter worth about $10,577,000. Finally, Odyssean LLC acquired a new stake in shares of Remitly Global during the second quarter worth about $1,826,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Key Stories Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Remitly Global Stock Performance

Shares of RELY opened at $25.44 on Wednesday. The business’s fifty day moving average price is $23.01 and its two-hundred day moving average price is $19.66. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 18.30 and a beta of 0.34. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.15.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, research analysts forecast that Remitly Global will post 0.85 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.