Remitly Global (NASDAQ:RELY) Price Target Raised to $23.00 at Barclays

Remitly Global (NASDAQ:RELY) had its price objective boosted by Barclays from $20.00 to $23.00 in a report published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. 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. Monness Crespi & Hardt raised their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Remitly Global Stock Performance

NASDAQ RELY opened at $20.68 on Monday. The stock’s fifty day moving average is $15.62 and its two-hundred day moving average is $14.16. The firm has a market capitalization of $4.10 billion, a P/E ratio of -59.09 and a beta of 0.03. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.49.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the previous year, the company posted ($0.20) EPS. The company’s revenue was up 39.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Remitly Global will post -0.23 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of RELY. Advisors Asset Management Inc. raised its stake in Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares in the last quarter. Blue Trust Inc. purchased a new position in shares of Remitly Global in the 2nd quarter valued at about $43,000. Assetmark Inc. acquired a new stake in shares of Remitly Global during the 3rd quarter worth about $76,000. FMR LLC raised its position in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC lifted its stake in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares during 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.