Barclays Boosts Remitly Global (NASDAQ:RELY) Price Target to $23.00

Remitly Global (NASDAQ:RELY - Get Free Report) had its target price lifted by equities research analysts at Barclays from $20.00 to $23.00 in a report released on Monday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Barclays's target price would indicate a potential upside of 16.40% from the company's current price.

RELY has been the topic of a number of other research reports. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Tuesday, August 20th. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Thursday, October 31st. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Finally, BMO Capital Markets upped their price objective on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.75.

Remitly Global Trading Up 0.6 %

RELY stock traded up $0.12 during trading on Monday, reaching $19.76. 1,406,598 shares of the stock were exchanged, compared to its average volume of 1,743,123. The firm has a market cap of $3.91 billion, a P/E ratio of -56.66 and a beta of 0.03. Remitly Global has a twelve month low of $11.60 and a twelve month high of $22.49. The firm's 50 day moving average is $15.24 and its 200 day moving average is $14.05.

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

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares of the company's stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock worth $35,000 after buying an additional 1,344 shares during the period. Blue Trust Inc. acquired a new stake in Remitly Global during the second quarter valued at approximately $43,000. Assetmark Inc. acquired a new stake in shares of Remitly Global during the 3rd quarter worth approximately $76,000. FMR LLC raised its position in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC raised its position in shares of Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after purchasing an additional 8,700 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.