Remitly Global (NASDAQ:RELY) Given New $30.00 Price Target at Citizens Jmp

Remitly Global (NASDAQ:RELY) had its price target boosted by Citizens Jmp from $26.00 to $30.00 in a report published on Thursday,Benzinga reports. They currently have a market outperform rating on the financial services provider’s stock.

RELY has been the topic of several other reports. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday. Cantor Fitzgerald upped their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average price target of $25.50.

Remitly Global Trading Up 1.1%

RELY stock opened at $25.23 on Thursday. The business has a 50 day simple moving average of $21.68 and a 200-day simple moving average of $17.99. Remitly Global has a twelve month low of $12.08 and a twelve month high of $25.75. The company has a market capitalization of $5.31 billion, a P/E ratio of 51.49 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period in the previous year, the business posted $0.05 earnings per share. Remitly Global’s quarterly revenue was up 25.2% on a year-over-year basis. Research analysts predict that Remitly Global will post 0.62 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the transaction, the insider directly owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the transaction, the director owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 187,188 shares of company stock valued at $4,087,718 in the last three months. Insiders own 6.53% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB grew its position in Remitly Global by 29.8% during the second quarter. Handelsbanken Fonder AB now owns 57,500 shares of the financial services provider’s stock worth $1,289,000 after buying an additional 13,200 shares during the period. GAMMA Investing LLC increased its holdings in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after buying an additional 677 shares in the last quarter. Empowered Funds LLC increased its holdings in Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Remitly Global by 124.2% during the 1st quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 8,609 shares during the period. Finally, Essential Partners LLC lifted its position in shares of Remitly Global by 181.8% during the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 2,116 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.