Remitly Global (NASDAQ:RELY) Price Target Cut to $26.00 by Analysts at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its target price trimmed by The Goldman Sachs Group from $33.00 to $26.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

RELY has been the topic of a number of other reports. Barclays boosted their target price on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $21.38 on Wednesday. Remitly Global has a one year low of $11.60 and a one year high of $27.32. The firm has a market capitalization of $4.29 billion, a P/E ratio of -112.53 and a beta of 0.07. The company’s fifty day moving average is $22.95 and its two-hundred day moving average is $20.21.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data 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 net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. On average, sell-side analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Remitly Global in the fourth quarter valued at $1,228,000. M&T Bank Corp acquired a new position in shares of Remitly Global in the 3rd quarter valued at about $693,000. DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global during the 4th quarter worth about $273,000. Robeco Institutional Asset Management B.V. increased its position in Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Remitly Global in the third quarter valued at approximately $628,000. 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.