Barclays Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price target hoisted by Barclays from $16.00 to $20.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. KeyCorp raised their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group reduced their price objective on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. increased their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.13 on Monday, hitting $19.06. 213,000 shares of the company’s stock traded hands, compared to its average volume of 1,678,114. The firm’s 50-day moving average is $14.14 and its 200 day moving average is $13.95. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping 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 net margin of 5.63% and a negative return on equity of 11.58%. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period last year, the business earned ($0.20) EPS. On average, analysts expect that Remitly Global will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s 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 sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RELY. American International Group Inc. increased its position in Remitly Global by 1.3% in the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after purchasing an additional 871 shares during the last quarter. Simplicity Wealth LLC increased its position in Remitly Global by 11.7% during the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after buying an additional 1,228 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after buying an additional 1,296 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,344 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Remitly Global by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 1,415 shares in the last quarter. Institutional investors and hedge funds 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.