Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00

Remitly Global (NASDAQ:RELY) had its price target hoisted by JPMorgan Chase & Co. from $21.00 to $30.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on RELY. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company upped their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Price Performance

Shares of RELY stock opened at $23.86 on Thursday. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07. Remitly Global has a 12-month low of $11.60 and a 12-month high of $27.32. The business has a 50 day simple moving average of $23.64 and a 200 day simple moving average of $18.71.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. On average, equities analysts anticipate 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 on 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 of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. 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 over the last three months. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Norges Bank acquired a new stake in Remitly Global in the 4th quarter valued at $66,169,000. Principal Financial Group Inc. increased its stake in shares of 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 purchasing an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Remitly Global by 1,032.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after purchasing an additional 1,276,991 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after purchasing an additional 1,220,806 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after purchasing an additional 933,253 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.