Remitly Global, Inc. (NASDAQ:RELY) Stock Now Rated “Buy” by Wall Street Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Buy” by the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $27.78.

A number of research analysts have issued reports on the company. Wolfe Research boosted their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, KeyCorp boosted their target price 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.

Insider Activity

In other Remitly Global news, Director Phillip Riese sold 160,182 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the completion of the transaction, the director owned 361,094 shares in the company, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vikas Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer directly owned 943,735 shares in the company, valued at approximately $24,678,670.25. The trade was a 2.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 478,738 shares of company stock worth $11,874,000 over the last three months. Corporate insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the business. Covestor Ltd raised its position in shares of Remitly Global by 21.7% during the 3rd quarter. Covestor Ltd now owns 5,339 shares of the financial services provider’s stock valued at $114,000 after buying an additional 952 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in Remitly Global by 15.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 45,097 shares of the financial services provider’s stock valued at $962,000 after acquiring an additional 5,897 shares during the last quarter. Vise Technologies Inc. grew its position in Remitly Global by 13.7% in the third quarter. Vise Technologies Inc. now owns 12,099 shares of the financial services provider’s stock worth $258,000 after acquiring an additional 1,462 shares during the period. Simplicity Wealth LLC purchased a new position in Remitly Global in the third quarter worth approximately $417,000. Finally, Sterling Capital Management LLC increased its stake in Remitly Global by 840.0% during the third quarter. Sterling Capital Management LLC now owns 6,270 shares of the financial services provider’s stock worth $134,000 after acquiring an additional 5,603 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $24.15 on Monday. The firm has a fifty day moving average price of $23.78 and a 200 day moving average price of $20.44. Remitly Global has a 1 year low of $12.08 and a 1 year high of $27.48. The stock has a market cap of $5.11 billion, a PE ratio of 17.48 and a beta of 0.39.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share 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 company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same period last year, the firm earned $0.03 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts expect that Remitly Global will post 0.85 EPS for the current year.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.