Remitly Global (NASDAQ:RELY) Price Target Raised to $21.00

by · The Markets Daily

Remitly Global (NASDAQ:RELY – Free Report) had its price target increased by KeyCorp from $20.00 to $21.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $13.00 to $18.00 in a research note on Thursday. The Goldman Sachs Group dropped their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt raised their price objective on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of Remitly Global in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.88.

Get Our Latest Stock Analysis on Remitly Global

Remitly Global Price Performance

Shares of RELY stock opened at $17.95 on Thursday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $23.01. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $14.03 and a two-hundred day simple moving average of $13.98. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02.

Remitly Global (NASDAQ:RELY – Get Free Report) last released its quarterly earnings data 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 return on equity of 11.99% and a negative net margin of 5.63%. The firm had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. On average, analysts predict that Remitly Global will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. purchased a new stake in shares of Remitly Global during the third quarter valued at $76,000. Principal Financial Group Inc. lifted its position in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. WoodTrust Financial Corp grew its stake in Remitly Global by 54.2% during the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 6,500 shares during the last quarter. Values First Advisors Inc. increased its holdings in shares of Remitly Global by 30.2% in the third quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 3,426 shares during the period. Finally, Brighton Jones LLC raised its stake in shares of Remitly Global by 17.3% in the third quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider’s stock worth $5,735,000 after purchasing an additional 63,271 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

(Get Free Report)

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.

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