Barclays Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price objective increased by Barclays from $28.00 to $29.00 in a report issued on Monday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

RELY has been the topic of a number of other research reports. Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Stock Performance

Shares of RELY opened at $24.72 on Monday. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a market cap of $4.96 billion, a P/E ratio of -130.11 and a beta of 0.07. The firm’s 50-day simple moving average is $23.70 and its 200 day simple moving average is $18.83.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $343.67 million. As a group, equities analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 43,749 shares of company stock worth $1,009,289. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Principal Financial Group Inc. raised its stake in shares of 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 acquiring an additional 2,001,198 shares during the last quarter. M&T Bank Corp bought a new position in shares of Remitly Global during the third quarter valued at $693,000. Allspring Global Investments Holdings LLC bought a new position in shares of Remitly Global during the fourth quarter valued at $1,228,000. DHK Financial Advisors Inc. bought a new position in shares of Remitly Global during the fourth quarter valued at $273,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after acquiring an additional 49,200 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

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.