Remitly Global (NASDAQ:RELY) Price Target Raised to $28.00 at Barclays

Remitly Global (NASDAQ:RELY - Free Report) had its price target increased by Barclays from $23.00 to $28.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Other equities research analysts also recently issued research reports about the stock. JMP Securities boosted their target price 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 upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upped their price target on shares of Remitly Global from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.75.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.11 on Monday, hitting $25.52. The stock had a trading volume of 1,189,102 shares, compared to its average volume of 1,560,358. Remitly Global has a twelve month low of $11.60 and a twelve month high of $25.74. The firm's 50 day moving average price is $22.48 and its 200-day moving average price is $17.68. The company has a market capitalization of $5.05 billion, a price-to-earnings ratio of -72.91 and a beta of 0.07.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated 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 directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction dated 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 approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,476 shares of company stock worth $1,122,171. Company insiders own 8.10% of the company's stock.

Institutional Trading of Remitly Global

A number of hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after acquiring an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Remitly Global by 4.9% in the 3rd 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 acquiring an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock valued at $47,578,000 after acquiring an additional 431,987 shares during the period. Geode Capital Management LLC raised its position in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after acquiring an additional 107,468 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.