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

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

Other equities research analysts have also recently issued research reports about the stock. KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt increased their price target on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, BMO Capital Markets upped their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $20.68 on Monday. The business’s 50 day moving average price is $15.62 and its 200-day moving average price is $14.16. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.49. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -59.09 and a beta of 0.03.

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

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $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. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. increased its stake in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Remitly Global during the second quarter worth approximately $43,000. Assetmark Inc. acquired a new position in Remitly Global in the 3rd quarter valued at $76,000. 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. Finally, nVerses Capital LLC boosted its stake in Remitly Global by 2,900.0% during the 2nd 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.

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.