JPMorgan Chase & Co. Boosts Remitly Global (NASDAQ:RELY) Price Target to $30.00

Remitly Global (NASDAQ:RELY) had its price target increased by analysts at JPMorgan Chase & Co. from $21.00 to $30.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 25.73% from the company’s current price.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group raised their target price on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. JMP Securities raised 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. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Barclays lifted their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. One research 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Stock Down 7.5 %

Shares of Remitly Global stock opened at $23.86 on Thursday. The stock has a market cap of $4.73 billion, a PE ratio of -125.58 and a beta of 0.07. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The business has a fifty day simple moving average of $23.64 and a 200-day simple moving average of $18.67.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.31% 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. Analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 over the last three months. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Bleakley Financial Group LLC boosted its holdings in Remitly Global by 29.1% during the third quarter. Bleakley Financial Group LLC now owns 15,178 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 3,422 shares in the last quarter. Brighton Jones LLC boosted its holdings in Remitly Global by 17.3% during the third quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider’s stock valued at $5,735,000 after purchasing an additional 63,271 shares in the last quarter. Values First Advisors Inc. boosted its holdings in Remitly Global by 30.2% during the third quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 3,426 shares in the last quarter. WoodTrust Financial Corp boosted its holdings in Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 6,500 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings 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 valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.