Remitly Global (NASDAQ:RELY) Given “Overweight” Rating at Cantor Fitzgerald

Remitly Global (NASDAQ:RELY)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They currently have a $30.00 price objective on the financial services provider’s stock. Cantor Fitzgerald‘s price target points to a potential upside of 34.41% from the company’s previous close.

RELY has been the subject of a number of other research reports. Citizens Jmp raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of Remitly Global from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $27.78.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $22.32 on Monday. Remitly Global has a 1 year low of $12.08 and a 1 year high of $28.00. The firm has a market cap of $4.72 billion, a PE ratio of 13.53 and a beta of 0.46. The stock has a fifty day moving average price of $23.59 and a 200-day moving average price of $20.71.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. The company had revenue of $509.84 million for the quarter, compared to analysts’ expectations of $507.31 million. Remitly Global had a return on equity of 35.56% and a net margin of 19.14%. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 EPS. As a group, equities analysts anticipate that Remitly Global will post 0.85 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider owned 716,022 shares of the company’s stock, valued at $18,895,820.58. This represents a 2.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 6,300 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total value of $170,289.00. Following the transaction, the director directly owned 1,804,756 shares in the company, valued at $48,782,554.68. This represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 315,118 shares of company stock valued at $7,769,632. Corporate insiders own 6.53% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc boosted its position in shares of Remitly Global by 59.1% in the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares during the period. Allworth Financial LP increased its holdings in Remitly Global by 12.5% during the 2nd quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 540 shares during the period. GAMMA Investing LLC increased its holdings in Remitly Global by 25.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,708 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 541 shares during the period. Arizona State Retirement System lifted its stake in Remitly Global by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock worth $1,107,000 after purchasing an additional 600 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Remitly Global by 21.7% in the 3rd quarter. Covestor Ltd now owns 5,339 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 952 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

Remitly Global, Inc operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination.

The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.

Founded in 2011, Remitly is headquartered in Seattle, Washington.