Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $23.70

Remitly Global, Inc. (NASDAQ:RELY) has been assigned a consensus rating of “Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $22.7778.

A number of research analysts have issued reports on the company. Cantor Fitzgerald lifted their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, February 19th. JPMorgan Chase & Co. dropped their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, Citizens Jmp lifted their target price on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th.

Remitly Global Stock Down 0.7%

NASDAQ RELY opened at $16.19 on Wednesday. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 52.23 and a beta of 0.11. The stock’s 50 day moving average is $13.89 and its two-hundred day moving average is $15.30. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.Remitly Global’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.03) EPS. Equities analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total value of $58,005.00. Following the completion of the transaction, the director directly owned 32,576 shares of the company’s stock, valued at $419,904.64. The trade was a 12.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the transaction, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This trade represents a 1.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 53,276 shares of company stock worth $722,999. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. California State Teachers Retirement System lifted its position in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares during the last quarter. Main Management ETF Advisors LLC lifted its holdings in Remitly Global by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after buying an additional 984 shares in the last quarter. Xponance Inc. boosted its position in Remitly Global by 8.7% in the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after buying an additional 1,060 shares during the last quarter. Finally, AlphaQuest LLC boosted its position in Remitly Global by 34.4% in the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after buying an additional 1,115 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.