Remitly Global, Inc. (NASDAQ:RELY) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Remitly Global, Inc. (NASDAQ:RELY) has received an average rating of “Moderate Buy” from the thirteen research firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $27.78.

Several research firms have recently issued reports on RELY. Citizens Jmp lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. KeyCorp raised their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th.

Insider Buying and Selling at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the transaction, the chief financial officer owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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. Also, Director Nigel W. Morris sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the completion of the sale, the director directly owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. The trade was a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 473,238 shares of company stock valued at $11,746,510. Insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RELY. IFP Advisors Inc increased its holdings in shares of Remitly Global by 59.1% during the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after buying an additional 527 shares during the last quarter. Summit Securities Group LLC acquired a new position in Remitly Global in the first quarter valued at $26,000. Nykredit A S acquired a new position in Remitly Global in the second quarter valued at $40,000. GAMMA Investing LLC grew its position in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 677 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 1.2%

Shares of Remitly Global stock opened at $22.93 on Thursday. The firm has a market cap of $4.85 billion, a PE ratio of 16.50 and a beta of 0.39. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.48. The business’s fifty day simple moving average is $23.90 and its 200-day simple moving average is $21.83.

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

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.