Barclays Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price objective boosted by stock analysts at Barclays from $24.00 to $27.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 11.48% from the stock’s current price.

Several other analysts also recently weighed in on RELY. The Goldman Sachs Group boosted their price target on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Monness Crespi & Hardt raised their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. KeyCorp lifted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Finally, Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Remitly Global Trading Down 1.1%

Remitly Global stock opened at $24.22 on Monday. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -127.47 and a beta of 0.16. The business’s fifty day simple moving average is $20.47 and its two-hundred day simple moving average is $21.59.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.11) earnings per share. On average, equities research analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 10,000 shares of the company’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00. Following the completion of the transaction, the insider now directly owns 3,823,811 shares of the company’s stock, valued at approximately $75,367,314.81. The trade was a 0.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 77,301 shares of company stock worth $1,560,012. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently modified their holdings of RELY. Stifel Financial Corp increased its stake in shares of Remitly Global by 10.4% in the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider’s stock valued at $1,290,000 after purchasing an additional 5,390 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Remitly Global in the 4th quarter worth $1,228,000. DHK Financial Advisors Inc. bought a new position in shares of Remitly Global during the 4th quarter worth about $273,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock valued at $931,000 after acquiring an additional 1,435 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

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.