Remitly Global (NASDAQ:RELY) Price Target Raised to $29.00 at Barclays

Remitly Global (NASDAQ:RELY) had its price target upped by equities researchers at Barclays from $28.00 to $29.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 21.54% from the company’s current price.

Several other research analysts have also commented on RELY. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday. Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Stock Performance

NASDAQ RELY opened at $23.86 on Monday. The firm has a 50 day simple moving average of $23.64 and a 200-day simple moving average of $18.75. Remitly Global has a one year low of $11.60 and a one year high of $27.32. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Equities analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents 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 65,947 shares of company stock valued at $1,467,012 in the last ninety days. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new position in Remitly Global in the 4th quarter valued at about $28,000. Advisors Asset Management Inc. lifted its holdings in 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 valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new position in Remitly Global in the 3rd quarter valued at about $76,000. R Squared Ltd purchased a new position in Remitly Global in the 4th quarter valued at about $89,000. Finally, FMR LLC lifted its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.