Remitly Global (NASDAQ:RELY) Price Target Raised to $21.00

Remitly Global (NASDAQ:RELY) had its target price raised by KeyCorp from $20.00 to $21.00 in a research report sent to investors on Thursday, Benzinga reports. KeyCorp currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on RELY. The Goldman Sachs Group dropped their price objective on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of Remitly Global in a report on Monday, July 29th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $13.00 to $18.00 in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Price Performance

NASDAQ:RELY opened at $17.95 on Thursday. The firm’s fifty day moving average is $14.03 and its two-hundred day moving average is $13.98. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. Remitly Global has a one year low of $11.60 and a one year high of $23.01.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The company’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.20) earnings per share. Research analysts expect that Remitly Global will post -0.3 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred 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 owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in shares of Remitly Global by 19.0% in the first quarter. Principal Financial Group Inc. now owns 18,297 shares of the financial services provider’s stock worth $379,000 after buying an additional 2,920 shares in the last quarter. Duality Advisers LP purchased a new position in Remitly Global in the 1st quarter worth approximately $446,000. Empowered Funds LLC lifted its stake in Remitly Global by 10.5% in the 1st quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 4,913 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Remitly Global by 2.4% during the 1st quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock worth $5,689,000 after purchasing an additional 6,500 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Remitly Global by 10.9% in the first quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock valued at $507,000 after purchasing an additional 2,407 shares in 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.