Remitly Global (NASDAQ:RELY) Price Target Raised to $23.00

Remitly Global (NASDAQ:RELY) had its price objective boosted by Barclays from $20.00 to $23.00 in a report issued on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

A number of other research firms also recently commented on RELY. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. BMO Capital Markets boosted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Remitly Global Stock Up 0.6 %

Remitly Global stock opened at $19.76 on Monday. The company has a fifty day moving average price of $15.24 and a two-hundred day moving average price of $14.05. Remitly Global has a 12 month low of $11.60 and a 12 month high of $22.49.

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

Insider Activity at Remitly Global

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

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. XTX Topco Ltd increased its stake in Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 563 shares in the last quarter. American International Group Inc. increased its stake in Remitly Global by 1.3% in the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after purchasing an additional 871 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 1,170 shares in the last quarter. Simplicity Wealth LLC increased its stake in Remitly Global by 11.7% in the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 1,228 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Remitly Global by 7.1% in the 2nd quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 1,296 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.