Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $27.25

Shares of Remitly Global, Inc. (NASDAQ:RELY) have earned an average rating of “Moderate Buy” from the eleven brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $27.25.

RELY has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. JMP Securities dropped their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. The Goldman Sachs Group dropped their price objective on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Finally, Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the transaction, the chief executive officer directly owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. The trade was a 0.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the transaction, the director directly owned 112,496 shares in the company, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,943 shares of company stock valued at $1,696,348. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock worth $311,109,000 after purchasing an additional 306,099 shares during the period. Alliancebernstein L.P. grew its stake in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after purchasing an additional 4,037,151 shares during the period. Geode Capital Management LLC grew its stake in shares of Remitly Global by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after purchasing an additional 129,706 shares during the period. State Street Corp grew its stake in shares of Remitly Global by 4.5% during the 2nd quarter. State Street Corp now owns 3,442,163 shares of the financial services provider’s stock worth $64,609,000 after purchasing an additional 146,768 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Remitly Global by 97.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock worth $56,058,000 after purchasing an additional 1,472,210 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Up 1.0%

Shares of RELY stock opened at $16.70 on Thursday. The stock’s 50-day moving average price is $17.44 and its 200 day moving average price is $18.95. The stock has a market capitalization of $3.44 billion, a PE ratio of 278.38 and a beta of 0.10. Remitly Global has a 52-week low of $14.28 and a 52-week high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm’s revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) earnings per share. Analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Remitly Global Company Profile

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.