Wells Fargo & Company Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price objective lifted by equities researchers at Wells Fargo & Company from $21.00 to $25.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.78% from the stock’s current price.

A number of other analysts have also issued reports on RELY. Barclays increased their target price on Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Remitly Global Trading Down 7.5 %

Shares of RELY opened at $23.86 on Thursday. The business’s 50-day moving average price is $23.64 and its 200 day moving average price is $18.67. The stock has a market capitalization of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. On average, research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 directly owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Vanguard Group Inc. boosted its holdings in shares of Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock worth $330,674,000 after buying an additional 380,159 shares during the period. Baillie Gifford & Co. grew its position in shares of 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 valued at $211,827,000 after purchasing an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of 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 worth $107,751,000 after purchasing an additional 1,220,806 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after purchasing an additional 169,454 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after purchasing an additional 49,281 shares during the period. 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.