Remitly Global (NASDAQ:RELY) Price Target Lowered to $26.00 at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its target price reduced by analysts at The Goldman Sachs Group from $33.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price points to a potential upside of 20.82% from the company’s previous close.

RELY has been the subject of several other research reports. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. BMO Capital Markets boosted 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, February 20th. Wells Fargo & Company increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Barclays boosted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Remitly Global Stock Up 2.8 %

Shares of RELY traded up $0.58 during midday trading on Wednesday, hitting $21.52. The company had a trading volume of 371,107 shares, compared to its average volume of 1,909,529. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -113.26 and a beta of 0.07. The company’s 50 day moving average price is $22.98 and its 200 day moving average price is $20.20. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Equities analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Large investors have recently modified their holdings of the stock. Comerica Bank lifted its stake in Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after buying an additional 534 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares during the period. Claro Advisors LLC lifted its position in shares of Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 629 shares in the last quarter. Sei Investments Co. boosted its stake in Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 636 shares during the period. Finally, Values First Advisors Inc. grew its position in 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 worth $349,000 after purchasing an additional 653 shares in the last quarter. 74.25% of the stock is 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.