Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Average Target Price from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $22.75.

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. KeyCorp upped their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st.

Remitly Global Stock Down 1.3 %

Shares of NASDAQ:RELY opened at $20.56 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.08. The firm has a 50-day simple moving average of $16.52 and a 200 day simple moving average of $14.45. The company has a market cap of $4.07 billion, a PE ratio of -58.74 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,429 shares of company stock valued at $1,131,011. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its position in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after acquiring an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its position in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after acquiring an additional 431,987 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after acquiring an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after acquiring an additional 435,827 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

About Remitly Global

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.