Remitly Global (NASDAQ:RELY) Upgraded to "Equal Weight" at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Remitly Global (NASDAQ:RELY - Free Report) from an underweight rating to an equal weight rating in a research note issued to investors on Thursday morning, Marketbeat.com reports. The firm currently has $18.00 price objective on the financial services provider's stock, up from their prior price objective of $13.00.

RELY has been the topic of a number of other reports. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of Remitly Global in a research note on Monday, July 29th. The Goldman Sachs Group cut their price target on shares of Remitly Global from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. Monness Crespi & Hardt increased their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Finally, BMO Capital Markets upped their target price on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $21.88.

Remitly Global Price Performance

Remitly Global stock traded up $2.72 during midday trading on Thursday, hitting $17.98. 7,508,285 shares of the company's stock were exchanged, compared to its average volume of 1,675,634. The stock has a 50-day moving average price of $13.87 and a two-hundred day moving average price of $13.99. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.62. The company has a market cap of $3.51 billion, a P/E ratio of -49.69 and a beta of 0.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The business had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period last year, the firm posted ($0.20) earnings per share. Remitly Global's quarterly revenue was up 39.3% on a year-over-year basis. On average, equities research analysts forecast that Remitly Global will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business's stock in a transaction dated Thursday, October 17th. The shares were 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 of the company's stock, valued at $64,595,956.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its stake in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,344 shares in the last quarter. American International Group Inc. raised its stake in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider's stock valued at $1,391,000 after buying an additional 871 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of Remitly Global in the 1st quarter worth $1,271,000. Hood River Capital Management LLC bought a new stake in shares of Remitly Global in the first quarter worth $12,789,000. Finally, Blair William & Co. IL increased its position in shares of Remitly Global by 133.4% during the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider's stock valued at $714,000 after purchasing an additional 19,665 shares during 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.