Remitly Global (NASDAQ:RELY) Given New $32.00 Price Target at BMO Capital Markets

Remitly Global (NASDAQ:RELY) had its target price upped by stock analysts at BMO Capital Markets from $27.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 19.88% from the company’s current price.

A number of other analysts have also recently commented on RELY. KeyCorp boosted their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price target on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.25.

Remitly Global Trading Up 3.0 %

Remitly Global stock traded up $0.78 during trading hours on Thursday, hitting $26.69. 714,117 shares of the stock traded hands, compared to its average volume of 1,617,313. The firm’s 50-day moving average price is $23.49 and its two-hundred day moving average price is $18.55. The company has a market cap of $5.29 billion, a PE ratio of -76.02 and a beta of 0.07. Remitly Global has a one year low of $11.60 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. On average, sell-side analysts expect that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,947 shares of company stock worth $1,467,012. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the 4th quarter valued at about $28,000. Advisors Asset Management Inc. lifted its holdings in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global in the 3rd quarter valued at about $76,000. R Squared Ltd bought a new position in shares of Remitly Global in the 4th quarter valued at about $89,000. Finally, FMR LLC lifted its holdings in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares during the last quarter. 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.