Remitly Global (RELY) Receives a Buy from JMP Securities

JMP Securities analyst David Scharf maintained a Buy rating on Remitly Global (RELYResearch Report) today and set a price target of $14.00. The company’s shares closed yesterday at $10.51.

According to TipRanks, Scharf is a 5-star analyst with an average return of 10.4% and a 51.90% success rate. Scharf covers the Financial sector, focusing on stocks such as Western Union, Synchrony Financial, and Enova International.

Currently, the analyst consensus on Remitly Global is a Strong Buy with an average price target of $14.00.

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RELY market cap is currently $1.79B and has a P/E ratio of -15.72.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RELY in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Remitly Global Inc provides integrated financial services to immigrants, including helping customers send money internationally in a quick, reliable, and more cost-effective manner by leveraging digital channels. It supports cross-border transmissions across the globe. Its revenue is generated on transaction fees charged to customers and foreign exchange spreads between the foreign exchange rate offered to customers and the foreign exchange rate on the company’s currency purchases.

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