JMP Securities Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its target price increased by JMP Securities from $22.00 to $25.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “market outperform” rating on the financial services provider’s stock. JMP Securities’ target price indicates a potential upside of 43.84% from the stock’s current price.

A number of other research firms also recently commented on RELY. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $13.00 to $18.00 in a research note on Thursday. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. increased their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. The Goldman Sachs Group cut their target price on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.88.

Remitly Global Stock Up 13.9 %

NASDAQ:RELY traded up $2.12 during mid-day trading on Thursday, reaching $17.38. The stock had a trading volume of 5,451,885 shares, compared to its average volume of 1,665,888. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.46 and a quick ratio of 2.46. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -49.69 and a beta of 0.10. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.62. The stock’s 50 day simple moving average is $13.87 and its two-hundred day simple moving average is $13.99.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 19.02% and a negative net margin of 9.60%. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter last year, the firm earned ($0.20) EPS. The business’s revenue was up 39.3% on a year-over-year basis. Equities analysts anticipate that Remitly Global will post -0.3 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was 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 owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. The trade was a 0.00 % 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. 8.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in Remitly Global by 409.8% during the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,344 shares during the period. American International Group Inc. lifted its holdings in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock valued at $1,391,000 after purchasing an additional 871 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Remitly Global during the 1st quarter worth approximately $1,271,000. Hood River Capital Management LLC acquired a new position in Remitly Global in the first quarter worth $12,789,000. Finally, Blair William & Co. IL raised its holdings in shares of Remitly Global by 133.4% in the first quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock valued at $714,000 after buying an additional 19,665 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.