Remitly Global (NASDAQ:RELY) Price Target Raised to $32.00 at BMO Capital Markets

Remitly Global (NASDAQ:RELY - Get Free Report) had its price objective increased by research analysts at BMO Capital Markets from $27.00 to $32.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. BMO Capital Markets' price target indicates a potential upside of 34.12% from the stock's current price.

RELY has been the topic of several other research reports. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Barclays boosted their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, JMP Securities upped their target price 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, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $28.00.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded down $1.93 during midday trading on Thursday, hitting $23.86. 4,682,197 shares of the company traded hands, compared to its average volume of 1,861,512. Remitly Global has a 12-month low of $11.60 and a 12-month high of $27.32. The stock has a 50-day moving average price of $23.64 and a 200 day moving average price of $18.67. The firm has a market cap of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, equities analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,947 shares of company stock worth $1,467,012. Corporate insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Remitly Global by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after purchasing an additional 380,159 shares during the period. Baillie Gifford & Co. lifted its position in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after purchasing an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock valued at $48,980,000 after buying an additional 169,454 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after buying an additional 49,281 shares during the last quarter. 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.