Remitly Global (NASDAQ:RELY) Earns “Outperform” Rating from William Blair

Remitly Global (NASDAQ:RELY)‘s stock had its “outperform” rating reiterated by equities research analysts at William Blair in a research report issued to clients and investors on Thursday,RTT News reports.

Several other analysts have also issued reports on RELY. JMP Securities raised their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets boosted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Barclays boosted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Wells Fargo & Company boosted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, KeyCorp upped their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Trading Up 2.6 %

RELY traded up $0.68 during trading on Thursday, hitting $26.59. The stock had a trading volume of 2,302,482 shares, compared to its average volume of 1,659,529. The firm has a market cap of $5.27 billion, a PE ratio of -75.90 and a beta of 0.07. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a 50 day simple moving average of $23.49 and a 200-day simple moving average of $18.55.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. As a group, sell-side analysts anticipate that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. M&T Bank Corp acquired a new stake in Remitly Global in the 3rd quarter worth about $693,000. DHK Financial Advisors Inc. acquired a new stake in Remitly Global in the 4th quarter worth about $273,000. Robeco Institutional Asset Management B.V. raised its stake in Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Remitly Global in the 3rd quarter worth about $628,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.