Remitly Global (NASDAQ:RELY) Price Target Raised to $25.00 at Wells Fargo & Company

Remitly Global (NASDAQ:RELY) had its price target increased by research analysts at Wells Fargo & Company from $21.00 to $25.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 3.51% from the company’s current price.

Several other analysts have also recently commented on the stock. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays boosted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, JMP Securities upped 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 report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Remitly Global Price Performance

Shares of RELY stock opened at $25.91 on Thursday. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a fifty day moving average price of $23.49 and a 200-day moving average price of $18.55. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -74.03 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Equities research analysts expect that Remitly Global will post -0.23 EPS for the current year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock valued at $1,467,012 over the last 90 days. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently made changes to their positions in the stock. Comerica Bank grew its holdings in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after buying an additional 534 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after buying an additional 563 shares during the last quarter. Claro Advisors LLC grew its holdings in shares of Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after buying an additional 629 shares during the last quarter. Sei Investments Co. boosted its holdings in Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. boosted its holdings in Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 653 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.