Remitly Global, Inc. (RELY) – What Are Investment Firms Thinking About This Stock?

Remitly Global, Inc. (NASDAQ:RELY) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $27.78.

RELY has been the subject of a number of recent research reports. Citizens Jmp boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Wolfe Research upped their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th.

Remitly Global Stock Performance

RELY stock opened at $24.15 on Monday. The stock’s 50 day simple moving average is $23.78 and its 200 day simple moving average is $20.44. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.48. The firm has a market cap of $5.11 billion, a P/E ratio of 17.37 and a beta of 0.46.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.03 earnings per share. On average, research analysts forecast that Remitly Global will post 0.85 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 6,300 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total transaction of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares of the company’s stock, valued at $48,782,554.68. This trade represents a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares in the company, valued at $24,678,670.25. This represents a 2.58% decrease in their position. 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 have sold a total of 478,738 shares of company stock valued at $11,874,000 in the last ninety days. 6.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its stake in shares of Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after buying an additional 527 shares in the last quarter. Allworth Financial LP raised its position in Remitly Global by 12.5% during the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 540 shares in the last quarter. GAMMA Investing LLC raised its position in Remitly Global by 25.0% during the third quarter. GAMMA Investing LLC now owns 2,708 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 541 shares in the last quarter. Arizona State Retirement System raised its position in Remitly Global by 1.2% during the second quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock valued at $1,107,000 after acquiring an additional 600 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Remitly Global by 21.7% in the third quarter. Covestor Ltd now owns 5,339 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 952 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 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.