Cantor Fitzgerald Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price target upped by Cantor Fitzgerald from $20.00 to $24.00 in a report published on Tuesday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the company. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Citizens Jmp raised their price target on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Finally, Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $22.67.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $20.80 on Tuesday. The firm has a fifty day simple moving average of $16.33 and a two-hundred day simple moving average of $14.92. Remitly Global has a 52 week low of $12.08 and a 52 week high of $24.70. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $4.38 billion, a P/E ratio of 67.10, a PEG ratio of 0.73 and a beta of 0.09.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. The firm had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) EPS. On average, analysts expect that Remitly Global will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the sale, the chief financial officer directly owned 862,759 shares in the company, valued at approximately $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joshua Hug sold 29,049 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total value of $522,301.02. Following the sale, the director directly owned 3,575,733 shares of the company’s stock, valued at $64,291,679.34. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,146,720 shares of company stock valued at $194,410,894. 8.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its position in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Marshall Wace LLP increased its position in shares of Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after acquiring an additional 67,700 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.