Remitly Global (NASDAQ:RELY) Coverage Initiated at Bank of America

Investment analysts at Bank of America began coverage on shares of Remitly Global (NASDAQ:RELY) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $18.00 price target on the financial services provider’s stock. Bank of America‘s price target suggests a potential upside of 35.85% from the company’s previous close.

A number of other brokerages also recently weighed in on RELY. Monness Crespi & Hardt cut their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Remitly Global in a research note on Tuesday, January 6th. Finally, Cantor Fitzgerald upgraded Remitly Global to a “strong-buy” rating in a report on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $23.70.

Remitly Global Stock Down 2.8%

NASDAQ:RELY opened at $13.25 on Tuesday. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.32. The stock’s fifty day simple moving average is $13.82 and its 200-day simple moving average is $15.47. The firm has a market capitalization of $2.77 billion, a P/E ratio of 147.22 and a beta of 0.11.

Insider Activity

In related news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the transaction, the insider owned 220,830 shares of the company’s stock, valued at approximately $3,312,450. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the firm’s 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 transaction, the director directly owned 41,576 shares of the company’s stock, valued at approximately $550,882. This trade represents a 9.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,276 shares of company stock worth $648,169 over the last three months. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its position in shares of Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of 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 valued at $74,966,000 after buying an additional 1,962,076 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after buying an additional 67,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

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.