The Goldman Sachs Group Issues Pessimistic Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY - Get Free Report) had its price objective lowered by analysts at The Goldman Sachs Group from $33.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's price target would indicate a potential upside of 38.22% from the stock's previous close.

A number of other research firms have also commented on RELY. BMO Capital Markets lifted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Finally, William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.25.

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Remitly Global Trading Up 0.8 %

Shares of Remitly Global stock traded up $0.15 during midday trading on Wednesday, reaching $18.81. The company had a trading volume of 2,214,393 shares, compared to its average volume of 1,931,126. The stock has a fifty day simple moving average of $22.79 and a 200 day simple moving average of $20.32. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -99.00 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Sell-side analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction 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 sale, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Remitly Global in the fourth quarter worth $1,228,000. M&T Bank Corp acquired a new stake in Remitly Global in the 3rd quarter valued at $693,000. DHK Financial Advisors Inc. bought a new stake in Remitly Global during the 4th quarter worth about $273,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock worth $13,689,000 after buying an additional 49,200 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Remitly Global during the 3rd quarter worth about $628,000. Institutional investors and hedge funds own 74.25% of the company's stock.

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.