Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Buy” from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Buy” by the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $27.7778.

RELY has been the subject of a number of research reports. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research boosted their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Finally, The Goldman Sachs Group upped their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $26.17 on Friday. Remitly Global has a one year low of $12.08 and a one year high of $27.48. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. The stock has a 50 day moving average price of $24.50 and a 200-day moving average price of $20.80.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Remitly Global will post 0.85 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the sale, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This represents a 2.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer directly owned 943,735 shares in the company, valued at $24,678,670.25. This trade represents a 2.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 509,071 shares of company stock worth $12,498,436 in the last three months. Company insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Remitly Global in the 2nd quarter valued at about $410,752,000. Marshall Wace LLP raised its holdings in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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. Bank of America Corp DE lifted its position in shares of Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Finally, Generation Investment Management LLP purchased a new position in shares of Remitly Global in the second quarter valued at approximately $109,637,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.