Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00 at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its price objective lifted by research analysts at The Goldman Sachs Group from $27.00 to $30.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 28.41% from the stock’s previous close.

A number of other research firms have also recently commented on RELY. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. KeyCorp boosted their price target on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald lifted their price objective on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Citizens Jmp increased their target price on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Remitly Global Price Performance

Shares of RELY stock traded up $0.26 during mid-day trading on Thursday, hitting $23.36. The stock had a trading volume of 846,543 shares, compared to its average volume of 4,184,688. The firm has a market cap of $4.92 billion, a PE ratio of 47.65 and a beta of 0.34. The company’s 50-day simple moving average is $21.50 and its 200-day simple moving average is $17.58. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.92.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business’s revenue was up 25.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 EPS. On average, analysts expect that Remitly Global will post 0.62 EPS for the current year.

Insiders Place Their Bets

In other Remitly Global news, Director Phillip John Riese sold 40,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total value of $801,600.00. Following the transaction, the director owned 122,496 shares of the company’s stock, valued at $2,454,819.84. This trade represents a 24.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the transaction, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This represents a 2.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 249,188 shares of company stock valued at $5,303,878. 6.53% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Several hedge funds have recently added to or reduced their stakes in the business. Torren Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth about $25,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global in the fourth quarter worth approximately $28,000. GAMMA Investing LLC increased its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth $35,000. Institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.