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

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

A number of other research firms have also weighed in on RELY. KeyCorp boosted 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 boosted 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. Finally, Wells Fargo & Company increased their price target on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Remitly Global Stock Performance

Shares of RELY stock opened at $25.41 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $25.44. The stock’s fifty day moving average is $22.48 and its two-hundred day moving average is $17.68. The firm has a market capitalization of $5.03 billion, a P/E ratio of -72.60 and a beta of 0.07.

Insider Activity

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the company’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 transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,476 shares of company stock valued at $1,122,171 in the last quarter. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in Remitly Global by 9.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 85,391 shares of the financial services provider’s stock valued at $1,035,000 after acquiring an additional 7,549 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Remitly Global during the second quarter worth about $200,000. SG Americas Securities LLC purchased a new position in shares of Remitly Global in the third quarter valued at approximately $725,000. Handelsbanken Fonder AB grew its holdings in shares of Remitly Global by 29.6% in the third quarter. Handelsbanken Fonder AB now owns 35,900 shares of the financial services provider’s stock valued at $481,000 after purchasing an additional 8,200 shares in the last quarter. Finally, Green Alpha Advisors LLC purchased a new stake in Remitly Global during the 3rd quarter worth approximately $144,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

About Remitly Global

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.