Remitly Global (NASDAQ:RELY) Price Target Raised to $21.00 at Wells Fargo & Company

Remitly Global (NASDAQ:RELY) had its target price upped by Wells Fargo & Company from $18.00 to $21.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 9.13% from the stock’s previous close.

A number of other analysts have also commented on the stock. Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. JMP Securities boosted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. KeyCorp raised 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. Finally, BMO Capital Markets upped their price objective on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.13.

Remitly Global Trading Up 0.5 %

NASDAQ:RELY traded up $0.11 on Thursday, reaching $23.11. 138,654 shares of the stock traded hands, compared to its average volume of 1,189,733. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of -66.03 and a beta of 0.07. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.51. The company’s fifty day simple moving average is $21.45 and its 200 day simple moving average is $16.56.

Remitly Global (NASDAQ:RELY) last posted 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. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter last year, the company earned ($0.20) EPS. The company’s quarterly revenue was up 39.3% compared to the same quarter last year. Equities analysts anticipate that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now owns 151,576 shares in the company, valued at $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The stock was 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,893 shares of company stock worth $864,720. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares in the last quarter. M&T Bank Corp purchased a new position in Remitly Global in the 3rd quarter worth approximately $693,000. Neo Ivy Capital Management acquired a new position in Remitly Global during the third quarter worth $628,000. GSA Capital Partners LLP grew its holdings in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in shares of Remitly Global by 250.9% in the third quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 59,496 shares during the period. Institutional investors and hedge funds 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.