Remitly Global (NASDAQ:RELY) Given New $25.00 Price Target at Wells Fargo & Company

Remitly Global (NASDAQ:RELY) had its target price upped by Wells Fargo & Company from $21.00 to $25.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

RELY has been the subject of a number of other reports. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Barclays upped their price target on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, JMP Securities lifted their price target 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 company. According to MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Price Performance

RELY opened at $23.86 on Thursday. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The business has a 50-day moving average of $23.64 and a two-hundred day moving average of $18.71. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Equities research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 completion of the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $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 sold a total of 65,947 shares of company stock worth $1,467,012 in the last 90 days. 8.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the fourth quarter worth about $28,000. R Squared Ltd acquired a new position in Remitly Global during the 4th quarter valued at about $89,000. Advisors Asset Management Inc. grew its position in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Remitly Global in the third quarter valued at approximately $76,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $135,000. 74.25% of the stock is currently owned by 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.