Remitly Global (NASDAQ:RELY) Price Target Raised to $32.00

Remitly Global (NASDAQ:RELY) had its price target raised by BMO Capital Markets from $27.00 to $32.00 in a report released on Thursday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also issued reports on the company. KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. JMP Securities lifted their price target on shares of 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 raised their target price on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company increased their price target 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Trading Down 7.5 %

RELY stock opened at $23.86 on Thursday. The firm has a market cap of $4.79 billion, a P/E ratio of -125.58 and a beta of 0.07. The business’s 50 day moving average is $23.64 and its 200-day moving average is $18.71. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $343.67 million. Sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Remitly Global during the fourth quarter worth about $66,169,000. Principal Financial Group Inc. lifted its holdings in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Remitly Global by 1,032.4% during the 4th 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 acquiring an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in Remitly Global by 146.4% in the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock valued at $35,456,000 after acquiring an additional 933,253 shares during the last quarter. Institutional investors 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.