Remitly Global (NASDAQ:RELY) Price Target Raised to $20.00

Remitly Global (NASDAQ:RELY) had its target price upped by Barclays from $16.00 to $20.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. JMP Securities raised their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets upped their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Finally, Monness Crespi & Hardt increased their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.38.

Remitly Global Stock Performance

Shares of RELY opened at $19.73 on Monday. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.01. The stock has a market capitalization of $3.91 billion, a PE ratio of -56.37 and a beta of 0.03. The stock has a 50-day simple moving average of $14.38 and a 200-day simple moving average of $14.00.

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

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Duality Advisers LP acquired a new stake in Remitly Global during the 1st quarter worth approximately $446,000. Empowered Funds LLC lifted its holdings in shares of Remitly Global by 10.5% during the first quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 4,913 shares during the period. Swiss National Bank lifted its holdings in shares of Remitly Global by 2.4% during the first quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock worth $5,689,000 after purchasing an additional 6,500 shares during the period. ProShare Advisors LLC grew its position in Remitly Global by 10.9% in the 1st quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock valued at $507,000 after buying an additional 2,407 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new position in Remitly Global in the 1st quarter valued at $218,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.