Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, Barclays Analyst Says

Remitly Global (NASDAQ:RELY) had its price objective increased by Barclays from $23.00 to $28.00 in a research note published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company lifted their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Remitly Global Stock Performance

RELY stock opened at $25.41 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $25.44. The company’s 50 day moving average price is $22.48 and its 200 day moving average price is $17.68. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of -72.60 and a beta of 0.07.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,476 shares of company stock valued at $1,122,171 over the last quarter. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in Remitly Global in the 4th quarter valued at $28,000. Advisors Asset Management Inc. lifted its stake in shares of 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 acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new stake in shares of Remitly Global in the third quarter valued at about $76,000. R Squared Ltd acquired a new position in shares of Remitly Global during the fourth quarter worth about $89,000. Finally, FMR LLC raised its holdings in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Institutional investors and hedge funds 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.