BMO Capital Markets Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

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

RELY has been the topic of several other research reports. Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. KeyCorp lifted their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Finally, Barclays raised their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Remitly Global Trading Down 7.5 %

RELY stock opened at $23.86 on Thursday. The stock has a market capitalization of $4.79 billion, a P/E ratio of -125.58 and a beta of 0.07. The firm has a 50-day moving average price of $23.64 and a 200-day moving average price of $18.71. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during 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 6.10%. As a group, equities analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on 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 owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock worth $1,467,012 over the last ninety days. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position 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 valued at $330,674,000 after purchasing an additional 380,159 shares in the last quarter. Baillie Gifford & Co. lifted its stake 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 valued at $211,827,000 after buying an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC lifted 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 buying an additional 1,220,806 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings 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 buying an additional 169,454 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of 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 worth $79,666,000 after buying an additional 49,281 shares during the period. 74.25% of the stock is currently 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.