Remitly Global, Inc. (NASDAQ:RELY) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $27.6667.

RELY has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Cantor Fitzgerald increased their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday. Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd.

Remitly Global Stock Up 2.0%

RELY opened at $23.61 on Wednesday. The business’s fifty day simple moving average is $22.35 and its 200 day simple moving average is $19.25. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.15. The stock has a market cap of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Remitly Global will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider directly owned 767,810 shares of the company’s stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider owned 1,222,718 shares of the company’s stock, valued at approximately $25,762,668.26. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 sold a total of 405,125 shares of company stock valued at $9,464,949 over the last three months. 6.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Summit Securities Group LLC bought a new stake in Remitly Global in the first quarter valued at approximately $26,000. Torren Management LLC bought a new position in shares of Remitly Global in the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the fourth quarter worth $28,000. GAMMA Investing LLC increased its stake in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the period. Finally, HighMark Wealth Management LLC bought a new stake in Remitly Global during the 4th quarter valued at $35,000. 74.25% of the stock is currently owned by institutional investors.

Trending Headlines about Remitly Global

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

• Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
• Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
• Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
• Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
• Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing

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.