Remitly Global (NASDAQ:RELY) Stock Price Up 3.4% – Still a Buy?

Remitly Global, Inc. (NASDAQ:RELY)’s share price rose 3.4% during mid-day trading on Tuesday . The company traded as high as $17.55 and last traded at $17.51. Approximately 1,080,011 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 3,940,899 shares. The stock had previously closed at $16.93.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of research analyst reports. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Citizens Jmp lifted their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. Monness Crespi & Hardt decreased their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, Bank of America began coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $22.78.

Remitly Global Stock Up 5.0%

The company has a market cap of $3.74 billion, a P/E ratio of 57.32 and a beta of 0.06. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average of $14.06 and a 200 day moving average of $15.22.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period last year, the firm posted ($0.03) earnings per share. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. On average, research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total value of $58,005.00. Following the completion of the transaction, the director owned 32,576 shares of the company’s stock, valued at $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Pankaj Sharma sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the transaction, the insider directly owned 215,830 shares in the company, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 12,500 shares of company stock worth $179,455. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently bought and sold shares of the business. Torren Management LLC purchased a new position in shares of Remitly Global in the 4th quarter worth $25,000. Essex Investment Management Co. LLC purchased a new position in Remitly Global in the third quarter worth about $33,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the fourth quarter worth approximately $28,000. First Horizon Corp purchased a new stake in Remitly Global during the third quarter valued at approximately $36,000. Finally, GAMMA Investing LLC lifted its stake in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.