Remitly Global (NASDAQ:RELY) Price Target Raised to $28.00 at Barclays

Remitly Global (NASDAQ:RELY) had its price target raised by Barclays from $23.00 to $28.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

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

Remitly Global Stock Performance

Shares of RELY stock opened at $23.84 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $24.09. The firm has a market cap of $4.72 billion, a P/E ratio of -68.11 and a beta of 0.07. The business’s 50 day moving average price is $22.32 and its 200-day moving average price is $17.55.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,476 shares of company stock worth $1,202,171 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently made changes to their positions in RELY. Global Retirement Partners LLC bought a new position in Remitly Global during the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. lifted its holdings in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter worth $76,000. R Squared Ltd bought a new stake in shares of Remitly Global in the fourth quarter worth $89,000. Finally, FMR LLC increased its position in Remitly Global by 39.8% during the third 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. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.