Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $24.63

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $24.6250.

A number of brokerages have recently weighed in on RELY. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. KeyCorp raised their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th.

Insider Activity

In related news, Director Bora Chung sold 12,000 shares of Remitly Global stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the sale, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the sale, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 243,818 shares of company stock worth $5,093,447 over the last three months. Company insiders own 6.53% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC grew its position in Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new position in Remitly Global during the 1st quarter worth $218,000. Focus Partners Wealth purchased a new position in Remitly Global during the 1st quarter worth $1,458,000. Finally, Cetera Investment Advisers boosted its stake in shares of Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Trading Up 2.9%

Shares of RELY opened at $22.37 on Tuesday. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.92. The firm’s fifty day simple moving average is $21.06 and its 200-day simple moving average is $17.06. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 45.65 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period last year, the business earned $0.05 EPS. The company’s revenue was up 25.2% on a year-over-year basis. On average, analysts predict that Remitly Global will post 0.62 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.