Barclays Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY - Free Report) had its price target hoisted by Barclays from $16.00 to $20.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

A number of other brokerages have also recently weighed in on RELY. JMP Securities boosted their price objective 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. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $13.00 to $18.00 in a research note on Thursday. BMO Capital Markets boosted their price target on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. The Goldman Sachs Group decreased their price objective on shares of Remitly Global from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, July 11th. Finally, Monness Crespi & Hardt upped their price target on shares of Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research report 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's stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.38.

Remitly Global Stock Up 5.5 %

Shares of RELY traded up $0.98 during midday trading on Monday, hitting $18.93. The company had a trading volume of 2,510,488 shares, compared to its average volume of 1,684,893. The company's 50 day moving average price is $14.03 and its 200 day moving average price is $13.95. Remitly Global has a 52 week low of $11.60 and a 52 week high of $23.01. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -53.00 and a beta of 0.02. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted 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. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The company's revenue for the quarter was up 39.3% on a year-over-year basis. During the same period last year, the firm posted ($0.20) EPS. On average, equities research analysts predict that Remitly Global will post -0.3 EPS for the current year.

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company's stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 8.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. Millennium Management LLC lifted its holdings in Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock worth $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Principal Financial Group Inc. lifted its position 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 valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Remitly Global by 74.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider's stock worth $42,280,000 after purchasing an additional 1,487,680 shares in the last quarter. Herr Investment Group LLC bought a new position in shares of Remitly Global in the second quarter worth $9,285,000. Finally, Hood River Capital Management LLC acquired a new position in Remitly Global in the first quarter valued at about $12,789,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

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.