Remitly Global, Inc. (NASDAQ:RELY) Stock Has Consensus Target Price of $27.78 According to Analysts

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus recommendation of “Buy” from the thirteen research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $27.78.

Several research analysts have weighed in on the stock. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. KeyCorp boosted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” 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. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald lifted their target price on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th.

Insider Transactions at Remitly Global

In other news, CFO Vikas Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares in the company, valued at $24,678,670.25. This trade represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction on Friday, August 28th. The shares were sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares of the company’s stock, valued at $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 473,238 shares of company stock valued at $11,746,510 over the last three months. 6.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new stake in Remitly Global during the 2nd quarter worth approximately $935,000. Squarepoint Ops LLC purchased a new position in Remitly Global in the 2nd quarter valued at approximately $6,282,000. California State Teachers Retirement System grew its stake in shares of Remitly Global by 24.7% in the first quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock worth $3,266,000 after acquiring an additional 41,221 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of Remitly Global by 76.7% in the first quarter. Quantinno Capital Management LP now owns 119,963 shares of the financial services provider’s stock worth $1,880,000 after acquiring an additional 52,072 shares in the last quarter. Finally, Lead Edge Capital Management LLC acquired a new position in shares of Remitly Global in the second quarter worth $60,232,971. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Up 1.4%

Shares of Remitly Global stock opened at $21.77 on Thursday. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.48. The business’s fifty day simple moving average is $23.91 and its 200-day simple moving average is $21.63. The firm has a market cap of $4.61 billion, a PE ratio of 15.66 and a beta of 0.39.

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

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.