The Goldman Sachs Group Increases Remitly Global (NASDAQ:RELY) Price Target to $33.00

Remitly Global (NASDAQ:RELY - Free Report) had its price target boosted by The Goldman Sachs Group from $28.00 to $33.00 in a research report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider's stock.

RELY has been the topic of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday. KeyCorp boosted their price target on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Barclays increased their price target on Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Remitly Global Stock Performance

Shares of RELY stock traded down $1.93 during trading hours on Thursday, reaching $23.86. The company had a trading volume of 4,682,197 shares, compared to its average volume of 1,861,512. The company has a market capitalization of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The stock's fifty day simple moving average is $23.64 and its 200 day simple moving average is $18.67.

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 (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. As a group, equities analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares in the company, valued at $92,138,849.46. The trade was 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. Also, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction dated 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 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 quarter, insiders sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in Remitly Global in the fourth quarter worth about $28,000. Advisors Asset Management Inc. raised its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. bought a new stake in shares of Remitly Global in the 3rd quarter worth approximately $76,000. R Squared Ltd acquired a new position in Remitly Global during the 4th quarter valued at approximately $89,000. Finally, FMR LLC boosted its position in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after purchasing an additional 1,970 shares during the period. Institutional investors own 74.25% of the company's stock.

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.