Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) PT at $25.25

Remitly Global, Inc. (NASDAQ:RELY) has earned an average rating of “Moderate Buy” from the twelve research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $24.3333.

A number of equities research analysts have weighed in on RELY shares. Cantor Fitzgerald upgraded shares of Remitly Global to a “strong-buy” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. JPMorgan Chase & Co. cut their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Remitly Global in a research note on Tuesday, January 6th. Finally, Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th.

Remitly Global Stock Performance

Shares of RELY opened at $13.61 on Friday. The company has a 50-day simple moving average of $13.79 and a 200-day simple moving average of $15.75. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.32. The firm has a market capitalization of $2.85 billion, a P/E ratio of 151.22 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The firm had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. During the same period in the previous year, the company posted $0.01 earnings per share. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. As a group, equities analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the sale, the director directly owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 50,276 shares of company stock valued at $673,109. 8.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares during the period. Marshall Wace LLP raised its holdings in Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after purchasing an additional 1,962,076 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in 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 last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

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.