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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $28.13.

Several analysts have commented on RELY shares. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th.

Remitly Global Stock Up 2.0 %

RELY stock opened at $20.48 on Wednesday. The firm has a 50 day moving average of $23.72 and a 200 day moving average of $19.49. The stock has a market capitalization of $4.11 billion, a PE ratio of -107.79 and a beta of 0.07. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, equities research analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Remitly Global in the 4th quarter worth $15,120,000. Mackenzie Financial Corp purchased a new stake in Remitly Global in the 4th quarter worth $211,000. Neo Ivy Capital Management increased its holdings in Remitly Global by 101.2% in the 4th quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider’s stock worth $2,127,000 after acquiring an additional 47,430 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Remitly Global by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock worth $7,103,000 after acquiring an additional 72,687 shares in the last quarter. Finally, Washington Harbour Partners LP purchased a new stake in Remitly Global in the 4th quarter worth $2,009,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.