Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $28.88

Remitly Global, Inc. (NASDAQ:RELY) has earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $28.88.

Several research firms recently issued reports on RELY. KeyCorp raised their target price on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company lifted their price target 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.

Remitly Global Stock Performance

NASDAQ:RELY opened at $22.34 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market cap of $4.55 billion, a PE ratio of -117.58 and a beta of 0.16. The business has a 50 day moving average price of $20.83 and a 200-day moving average price of $21.84.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to analysts’ expectations of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) EPS. Research analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Bora Chung sold 13,000 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the sale, the director now owns 103,171 shares in the company, valued at approximately $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 $7,562,273.05. This represents a 1.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,000,301 shares of company stock valued at $274,474,592. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently made changes to their positions in RELY. Barclays PLC increased its position in Remitly Global by 19.2% during the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after buying an additional 227,231 shares in the last quarter. Dakota Wealth Management bought a new stake in Remitly Global in the fourth quarter worth $269,000. Blue Trust Inc. grew its stake in shares of Remitly Global by 661.9% in the fourth quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 14,886 shares during the last quarter. KBC Group NV increased its holdings in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 2,033 shares in the last quarter. Finally, DHK Financial Advisors Inc. bought a new position in shares of Remitly Global during the fourth quarter valued at $273,000. 74.25% of the stock is currently 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.