Remitly Global’s (RELY) “Outperform” Rating Reiterated at William Blair

William Blair restated their outperform rating on shares of Remitly Global (NASDAQ:RELY) in a research note released on Thursday morning,RTT News reports.

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

Remitly Global Trading Down 7.5 %

NASDAQ RELY opened at $23.86 on Thursday. The stock has a market cap of $4.79 billion, a PE ratio of -125.58 and a beta of 0.07. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a fifty day simple moving average of $23.64 and a 200-day simple moving average of $18.71.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Research analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

A number of large investors have recently made changes to their positions in RELY. Norges Bank acquired a new stake in shares of Remitly Global during the fourth quarter valued at $66,169,000. Principal Financial Group Inc. lifted its position in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after buying an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after buying an additional 1,220,806 shares during the period. Finally, Marshall Wace LLP lifted its position in Remitly Global by 146.4% during the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after buying an additional 933,253 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.