Remitly Global, Inc. (NASDAQ:RELY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $25.8750.

RELY has been the subject of a number of recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Monness Crespi & Hardt decreased their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 3rd. The Goldman Sachs Group lowered their price target on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th.

Insider Activity at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the sale, the director directly owned 41,576 shares of the company’s stock, valued at approximately $550,882. The trade was a 9.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value 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. This represents a 0.32% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 64,859 shares of company stock worth $900,458. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in shares of Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock valued at $106,867,000 after purchasing an additional 4,037,151 shares during the last quarter. Marshall Wace LLP raised its position in Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after purchasing an additional 1,962,076 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after purchasing an additional 129,706 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Down 4.2%

RELY opened at $13.22 on Tuesday. The firm has a 50-day moving average price of $13.97 and a 200-day moving average price of $16.42. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 146.89 and a beta of 0.11. Remitly Global has a twelve month low of $12.08 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the business earned $0.01 EPS. Remitly Global’s revenue was up 24.7% compared to the same quarter last year. On average, sell-side analysts expect that Remitly Global will post -0.04 earnings per share 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.