Remitly Global (NASDAQ:RELY) Upgraded by Wells Fargo & Company to Equal Weight Rating

Wells Fargo & Company upgraded shares of Remitly Global (NASDAQ:RELY) from an underweight rating to an equal weight rating in a research note released on Thursday, Marketbeat.com reports. Wells Fargo & Company currently has $18.00 price target on the financial services provider’s stock, up from their prior price target of $13.00.

Several other research analysts have also issued reports on RELY. BMO Capital Markets lifted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. JPMorgan Chase & Co. raised their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 target price on shares of Remitly Global in a research report on Monday, July 29th. The Goldman Sachs Group reduced their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, Monness Crespi & Hardt boosted their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Trading Up 5.6 %

Shares of Remitly Global stock opened at $18.99 on Thursday. The business has a fifty day simple moving average of $13.87 and a 200-day simple moving average of $13.99. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $23.01. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -51.37 and a beta of 0.10. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03.

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. On average, equities analysts forecast that Remitly Global will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of RELY. Principal Financial Group Inc. grew its stake in 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 valued at $379,000 after purchasing an additional 2,920 shares in the last quarter. Duality Advisers LP acquired a new stake in shares of Remitly Global during the 1st quarter valued at about $446,000. Empowered Funds LLC grew its stake in shares of Remitly Global by 10.5% in the 1st quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock valued at $1,069,000 after buying an additional 4,913 shares in the last quarter. Swiss National Bank increased its holdings in Remitly Global by 2.4% in the first quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock worth $5,689,000 after buying an additional 6,500 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Remitly Global by 10.9% during the first quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock valued at $507,000 after acquiring an additional 2,407 shares in the last quarter. 74.25% of the stock is currently 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.