Wells Fargo & Company Raises Remitly Global (NASDAQ:RELY) Price Target to $21.00

Remitly Global (NASDAQ:RELY - Get Free Report) had its price target boosted by equities research analysts at Wells Fargo & Company from $18.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's target price suggests a potential downside of 9.17% from the company's current price.

Several other research analysts have also issued reports on RELY. Barclays increased their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. JMP Securities raised their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Finally, KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.13.

Remitly Global Stock Up 0.5 %

Remitly Global stock traded up $0.12 during mid-day trading on Thursday, hitting $23.12. 1,551,566 shares of the stock were exchanged, compared to its average volume of 1,334,917. The firm's fifty day simple moving average is $21.52 and its two-hundred day simple moving average is $16.60. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.51. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of -66.06 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period in the previous year, the business earned ($0.20) EPS. The firm's revenue was up 39.3% compared to the same quarter last year. As a group, analysts forecast that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares of the company's stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,893 shares of company stock worth $864,720 in the last three months. Corporate insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Claro Advisors LLC raised its position in 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 last quarter. Green Alpha Advisors LLC raised its holdings in shares of Remitly Global by 74.4% during the fourth quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 7,991 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in Remitly Global by 18.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider's stock valued at $799,000 after acquiring an additional 9,323 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Remitly Global during the 3rd quarter valued at $628,000. 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.