Wells Fargo & Company Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY - Get Free Report) had its price objective lifted by equities research analysts at Wells Fargo & Company from $21.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective points to a potential upside of 4.78% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Barclays upped their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Finally, JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Remitly Global Stock Performance

RELY stock traded down $1.93 during midday trading on Thursday, reaching $23.86. 4,682,197 shares of the company's stock traded hands, compared to its average volume of 1,861,512. The company has a 50-day moving average price of $23.64 and a two-hundred day moving average price of $18.67. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a market capitalization of $4.73 billion, a PE ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $343.67 million. As a group, analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 over the last 90 days. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. Comerica Bank boosted its position in Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after buying an additional 534 shares during the period. XTX Topco Ltd boosted its position in Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock valued at $194,000 after buying an additional 563 shares during the period. Claro Advisors LLC boosted its position in Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after buying an additional 629 shares during the period. Sei Investments Co. boosted its position in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after buying an additional 636 shares during the period. Finally, Values First Advisors Inc. boosted its position in Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock valued at $349,000 after buying an additional 653 shares during the period. 74.25% of the stock is currently owned by hedge funds and other 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.