Wells Fargo & Company Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its target price lifted by Wells Fargo & Company from $21.00 to $25.00 in a research note released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on RELY. Barclays upped their price objective on Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. KeyCorp upped 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 price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Price Performance

Shares of RELY opened at $25.79 on Thursday. The business’s 50 day moving average price is $23.58 and its 200-day moving average price is $18.60. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. On average, analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was 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 trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,947 shares of company stock worth $1,467,012 in the last 90 days. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of the company. Comerica Bank raised its position in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after purchasing an additional 534 shares during the period. XTX Topco Ltd raised its position in shares of Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 563 shares during the period. Claro Advisors LLC raised its position in shares of Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 629 shares during the period. Sei Investments Co. raised its position in shares of Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 636 shares during the period. Finally, Values First Advisors Inc. raised its position in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 653 shares during the period. 74.25% of the stock is currently owned by 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.