Remitly Global (NASDAQ:RELY) Price Target Raised to $33.00

Remitly Global (NASDAQ:RELY) had its price objective lifted by The Goldman Sachs Group from $28.00 to $33.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other analysts have also commented on RELY. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday. JMP Securities boosted their price target 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. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday. Finally, Barclays boosted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Stock Performance

Shares of RELY stock opened at $23.86 on Thursday. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The firm’s 50-day simple moving average is $23.64 and its two-hundred day simple moving average is $18.71.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value 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 approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,947 shares of company stock valued at $1,467,012 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in Remitly Global during the 4th quarter valued at $28,000. Advisors Asset Management Inc. boosted its position in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the period. Assetmark Inc. purchased a new stake in Remitly Global during the 3rd quarter valued at $76,000. R Squared Ltd purchased a new stake in Remitly Global during the 4th quarter valued at $89,000. Finally, FMR LLC boosted its position in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the period. Hedge funds and other 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.