Remitly Global (NASDAQ:RELY) Price Target Raised to $21.00

Remitly Global (NASDAQ:RELY) had its price target hoisted by Wells Fargo & Company from $18.00 to $21.00 in a report issued on Thursday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on RELY. KeyCorp raised their target price on shares of 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 shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Finally, Barclays lifted their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.13.

Remitly Global Price Performance

Remitly Global stock opened at $23.26 on Thursday. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.51. The firm’s 50 day moving average price is $21.60 and its 200-day moving average price is $16.71. The stock has a market cap of $4.61 billion, a P/E ratio of -66.46 and a beta of 0.07.

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

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,893 shares of company stock valued at $864,720. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares in the last quarter. 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 in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Remitly Global by 74.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after buying an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC purchased a new stake in Remitly Global in the 2nd quarter valued at $9,285,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after acquiring an additional 435,827 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

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.