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

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

Several other research firms have also issued reports on RELY. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. The Goldman Sachs Group decreased their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $13.00 to $18.00 in a report on Thursday. BMO Capital Markets lifted their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Finally, Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Price Performance

NASDAQ:RELY traded down $0.24 during midday trading on Thursday, hitting $17.74. 1,039,870 shares of the stock were exchanged, compared to its average volume of 1,672,640. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of -54.26 and a beta of 0.10. The business has a 50-day moving average price of $13.95 and a two-hundred day moving average price of $14.01. 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 quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. Remitly Global’s revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) EPS. Sell-side analysts predict that Remitly Global will post -0.3 EPS for the current year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. increased its holdings in Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,344 shares during the last quarter. American International Group Inc. grew its position in Remitly Global by 1.3% in the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after acquiring an additional 871 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Remitly Global during the 1st quarter worth $1,271,000. Hood River Capital Management LLC bought a new position in shares of Remitly Global during the 1st quarter valued at $12,789,000. Finally, Blair William & Co. IL raised its holdings in shares of Remitly Global by 133.4% during the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 19,665 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.