Remitly Global (NASDAQ:RELY) Trading 6.4% Higher – Time to Buy?

Remitly Global, Inc. (NASDAQ:RELY) traded up 6.4% on Wednesday . The company traded as high as $14.96 and last traded at $15.0510. 1,671,007 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 3,215,919 shares. The stock had previously closed at $14.15.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RELY shares. William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. The Goldman Sachs Group lowered their target price on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Remitly Global in a research report on Thursday, December 4th. 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 report on Thursday, November 6th. Finally, Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.88.

Remitly Global Stock Up 8.0%

The company has a market capitalization of $3.19 billion, a P/E ratio of 169.59 and a beta of 0.11. The business has a 50 day simple moving average of $14.54 and a 200-day simple moving average of $17.21.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s quarterly revenue was up 24.7% on a year-over-year basis. Equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total transaction of $227,348.97. Following the completion of the transaction, the chief executive officer directly owned 4,515,188 shares in the company, valued at approximately $70,391,780.92. The trade was a 0.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joshua Hug sold 40,776 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $13.33, for a total value of $543,544.08. Following the completion of the transaction, the director directly owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. This trade represents a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 76,442 shares of company stock worth $1,098,702. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several hedge funds have recently added to or reduced their stakes in RELY. Bank of Montreal Can grew its stake in shares of Remitly Global by 28.5% in the 2nd quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock worth $6,156,000 after purchasing an additional 72,689 shares during the last quarter. Inspire Investing LLC bought a new stake in Remitly Global during the second quarter worth approximately $769,000. Norges Bank acquired a new position in Remitly Global in the second quarter worth approximately $36,619,000. Osterweis Capital Management Inc. bought a new position in shares of Remitly Global in the first quarter valued at $7,566,000. Finally, Intech Investment Management LLC increased its holdings in shares of Remitly Global by 53.0% in the first quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock valued at $1,931,000 after buying an additional 32,150 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.