Barclays Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target hoisted by investment analysts at Barclays from $23.00 to $28.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective would suggest a potential upside of 15.65% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company raised their price target on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.75.

Remitly Global Trading Up 1.6 %

NASDAQ RELY opened at $24.21 on Monday. The stock has a 50-day moving average of $22.39 and a 200-day moving average of $17.63. Remitly Global has a 1-year low of $11.60 and a 1-year high of $24.27. The firm has a market cap of $4.80 billion, a PE ratio of -69.17 and a beta of 0.07.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,476 shares of company stock valued at $1,122,171 in the last three months. Company insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the company. Ieq Capital LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at $430,000. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Remitly Global during the fourth quarter valued at approximately $155,000. Baillie Gifford & Co. boosted its holdings in Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares during the last quarter. Finally, Nkcfo LLC bought a new stake in Remitly Global in the 4th quarter worth approximately $722,000. 74.25% of the stock is currently owned by hedge funds and other 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.