Remitly Global (NASDAQ:RELY) Price Target Raised to $29.00

Remitly Global (NASDAQ:RELY) had its target price upped by Barclays from $28.00 to $29.00 in a research note released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently weighed in on RELY. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company boosted their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, 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 research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Trading Down 0.8 %

Shares of RELY stock opened at $23.84 on Monday. The stock has a 50-day moving average of $23.79 and a 200-day moving average of $18.94. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of -125.47 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

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, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Sell-side 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 Remitly Global stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 43,749 shares of company stock worth $1,009,289 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently bought and sold shares of RELY. Global Retirement Partners LLC bought a new position in Remitly Global in the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. lifted its holdings in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global during the third quarter worth $76,000. R Squared Ltd purchased a new position in Remitly Global during the fourth quarter valued at $89,000. Finally, FMR LLC increased its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

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.