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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $24.6250.

Several brokerages have recently commented on RELY. Cantor Fitzgerald increased their price objective on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Finally, KeyCorp increased their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st.

Insider Activity

In other news, Director Joshua Hug sold 34,383 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total transaction of $855,792.87. Following the transaction, the director directly owned 3,482,320 shares in the company, valued at approximately $86,674,944.80. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the transaction, the director owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 243,818 shares of company stock worth $5,093,447. 6.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Torren Management LLC bought a new position in Remitly Global during the 4th quarter worth approximately $25,000. Summit Securities Group LLC bought a new position in Remitly Global during the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global during the 4th quarter worth approximately $35,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Up 1.9%

NASDAQ:RELY opened at $22.79 on Tuesday. The business’s 50-day moving average price is $21.12 and its two-hundred day moving average price is $17.14. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.92. The stock has a market cap of $4.80 billion, a P/E ratio of 46.51 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter last year, the firm posted $0.05 EPS. The company’s revenue was up 25.2% compared to the same quarter last year. On average, equities research analysts expect that Remitly Global will post 0.62 EPS for the current fiscal year.

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.