Remitly Global (NASDAQ:RELY) Given New $23.00 Price Target at JMP Securities

Remitly Global (NASDAQ:RELY) had its target price cut by JMP Securities from $32.00 to $23.00 in a report released on Monday,Benzinga reports. They currently have a market outperform rating on the financial services provider’s stock.

Several other research firms also recently commented on RELY. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. KeyCorp restated an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.88.

Remitly Global Stock Down 8.2%

RELY stock opened at $16.67 on Monday. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 277.88 and a beta of 0.13. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The firm has a 50 day moving average of $18.18 and a two-hundred day moving average of $19.79.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business’s revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, research analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the transaction, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. This trade represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,360 shares of company stock worth $1,477,749 over the last quarter. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of hedge funds have recently modified their holdings of the company. Townsquare Capital LLC raised its position in shares of Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 459 shares during the period. Xponance Inc. raised its position in shares of Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock valued at $237,000 after acquiring an additional 518 shares during the period. California State Teachers Retirement System raised its position in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Remitly Global by 40.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 1,282 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 1,286 shares during the period. 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.