Barclays Boosts Remitly Global (NASDAQ:RELY) Price Target to $29.00

Remitly Global (NASDAQ:RELY - Free Report) had its target price boosted by Barclays from $28.00 to $29.00 in a research report released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider's stock.

RELY has been the subject of several other reports. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. BMO Capital Markets upped their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. The Goldman Sachs Group boosted their price objective on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.13.

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Remitly Global Price Performance

Shares of Remitly Global stock traded down $0.18 on Monday, hitting $23.66. 2,195,756 shares of the company's stock traded hands, compared to its average volume of 1,949,178. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of -124.53 and a beta of 0.07. The company has a fifty day moving average of $23.79 and a two-hundred day moving average of $18.94. Remitly Global has a one year low of $11.60 and a one year high of $27.32.

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

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company's stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 43,749 shares of company stock valued at $1,009,289 over the last 90 days. Insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $211,000. Neo Ivy Capital Management boosted its position in Remitly Global by 101.2% in the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider's stock worth $2,127,000 after purchasing an additional 47,430 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Remitly Global by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock valued at $7,103,000 after purchasing an additional 72,687 shares during the period. Washington Harbour Partners LP bought a new position in Remitly Global in the 4th quarter valued at $2,009,000. Finally, Vident Advisory LLC increased its position in shares of Remitly Global by 56.6% during the 4th quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider's stock valued at $1,946,000 after purchasing an additional 31,145 shares during the last quarter. Hedge funds and other 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.