William Blair Sticks to Its Buy Rating for Remitly Global (RELY)

In a report released yesterday, Robert Napoli from William Blair reiterated a Buy rating on Remitly Global (RELYResearch Report). The company’s shares opened today at $9.71.

Napoli covers the Services sector, focusing on stocks such as Green Dot, Payoneer, and Remitly Global. According to TipRanks, Napoli has an average return of 7.2% and a 54.40% success rate on recommended stocks.

Currently, the analyst consensus on Remitly Global is a Strong Buy with an average price target of $14.00, a 44.18% upside from current levels. In a report released yesterday, JMP Securities also maintained a Buy rating on the stock with a $14.00 price target.

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RELY market cap is currently $1.72B and has a P/E ratio of -15.29.

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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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