Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, Barclays Analyst Says

Remitly Global (NASDAQ:RELY) had its price objective increased by analysts at Barclays from $20.00 to $23.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would indicate a potential upside of 15.17% from the stock’s previous close.

RELY has been the subject of a number of other reports. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt lifted their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. BMO Capital Markets boosted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Finally, KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Stock Performance

Remitly Global stock opened at $19.97 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.49. The firm’s fifty day moving average price is $15.49 and its 200-day moving average price is $14.11. The stock has a market cap of $3.96 billion, a P/E ratio of -57.06 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the business earned ($0.20) earnings per share. Remitly Global’s revenue for the quarter was up 39.3% compared to the same quarter last year. Sell-side analysts predict that Remitly Global will post -0.23 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its holdings in shares of 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 valued at $27,058,000 after acquiring an additional 2,001,198 shares in the last quarter. GSA Capital Partners LLP increased its position in Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares during the period. State of New Jersey Common Pension Fund D bought a new position in Remitly Global in the 3rd quarter worth $1,953,000. Assetmark Inc. purchased a new stake in shares of Remitly Global in the 3rd quarter worth about $76,000. Finally, WoodTrust Financial Corp boosted its stake in shares of Remitly Global by 54.2% during the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 6,500 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.