Remitly Global (NASDAQ:RELY) Price Target Cut to $22.00 by Analysts at JPMorgan Chase & Co.

Remitly Global (NASDAQ:RELY) had its price target reduced by JPMorgan Chase & Co. from $23.00 to $22.00 in a research report sent to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

RELY has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 3rd. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Monness Crespi & Hardt lowered their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $17.00 target price on shares of Remitly Global in a report on Tuesday, January 6th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.25.

Remitly Global Price Performance

RELY stock opened at $13.66 on Tuesday. Remitly Global has a 1-year low of $12.08 and a 1-year high of $27.32. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 151.78 and a beta of 0.11. The business has a 50 day simple moving average of $13.60 and a two-hundred day simple moving average of $15.91.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. During the same quarter last year, the business posted $0.01 earnings per share. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. Sell-side analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total transaction of $59,625.00. Following the transaction, the director owned 41,576 shares of the company’s stock, valued at approximately $550,882. The trade was a 9.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total value of $45,000.00. Following the sale, the insider owned 220,830 shares in the company, valued at $3,312,450. The trade was a 1.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 50,276 shares of company stock worth $673,109. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently made changes to their positions in the company. Bank of Montreal Can boosted its position in shares of Remitly Global by 28.5% during the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after buying an additional 72,689 shares during the period. Norges Bank purchased a new position in Remitly Global during the 2nd quarter valued at $36,619,000. Inspire Investing LLC bought a new position in Remitly Global in the 2nd quarter valued at $769,000. Geode Capital Management LLC increased its stake in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after purchasing an additional 129,706 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Remitly Global during the second quarter worth $425,000. 74.25% of the stock is owned by hedge funds and other 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.