Remitly Global (NASDAQ:RELY - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $21.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 25.73% from the stock's current price.
A number of other equities research analysts have also recently commented on the company. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Thursday, October 31st. Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday. The Goldman Sachs Group increased their price target on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average target price of $28.00.
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Remitly Global Stock Performance
RELY stock traded down $1.93 during trading on Thursday, reaching $23.86. 4,682,197 shares of the company traded hands, compared to its average volume of 1,861,512. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The business has a 50 day simple moving average of $23.64 and a 200 day simple moving average of $18.67. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.
Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. As a group, research analysts forecast that Remitly Global will post -0.04 EPS for the current year.
Insider Transactions at Remitly Global
In related news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction 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 trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company's stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,947 shares of company stock worth $1,467,012 over the last three months. 8.10% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in Remitly Global during the fourth quarter valued at approximately $28,000. R Squared Ltd purchased a new position in Remitly Global during the fourth quarter valued at approximately $89,000. Advisors Asset Management Inc. raised its position in Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,466 shares in the last quarter. Assetmark Inc. acquired a new stake in Remitly Global in the third quarter valued at approximately $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the fourth quarter valued at approximately $135,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.
About Remitly Global
(
Get Free Report)
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.
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