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

Remitly Global, Inc. (NASDAQ:RELY) has been given an average recommendation of “Buy” by the thirteen analysts that are currently covering the company, Marketbeat reports. One 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 12 month price target among brokers that have issued a report on the stock in the last year is $27.7778.

A number of analysts have commented on RELY shares. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. KeyCorp increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th.

Remitly Global Trading Down 2.8%

RELY opened at $26.17 on Friday. The company’s 50 day moving average is $24.50 and its 200 day moving average is $20.80. The company has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.48.

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

Insider Activity at Remitly Global

In other news, Director Joshua Hug sold 16,800 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the transaction, the director directly owned 3,385,457 shares in the company, valued at $77,763,947.29. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total value of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This represents a 2.58% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold 509,071 shares of company stock worth $12,498,436 in the last 90 days. Company insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC purchased a new position in shares of Remitly Global in the first quarter worth $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global in the 4th quarter valued at $28,000. HighMark Wealth Management LLC bought a new stake in Remitly Global in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC lifted its stake in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,545 shares in the last quarter. Finally, Nykredit A S purchased a new stake in Remitly Global in the 2nd quarter worth $40,000. 74.25% of the stock is currently owned by institutional investors.

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.