Barclays Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target raised by equities researchers at Barclays from $20.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective would indicate a potential upside of 16.57% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Monness Crespi & Hardt increased their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. KeyCorp increased their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets upped their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Remitly Global Trading Up 0.5 %

Shares of RELY traded up $0.09 during mid-day trading on Monday, hitting $19.73. The company’s stock had a trading volume of 182,514 shares, compared to its average volume of 1,737,634. The firm has a 50-day simple moving average of $15.24 and a 200 day simple moving average of $14.07. The firm has a market capitalization of $3.91 billion, a P/E ratio of -56.37 and a beta of 0.03. Remitly Global has a 1-year low of $11.60 and a 1-year high of $22.49.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.20) EPS. As a group, sell-side analysts predict that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RELY. Millennium Management LLC increased its position in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after acquiring an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Remitly Global by 74.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the period. Herr Investment Group LLC acquired a new stake in shares of Remitly Global during the second quarter worth $9,285,000. Finally, Hood River Capital Management LLC bought a new position in Remitly Global during the 1st quarter worth approximately $12,789,000. 74.25% of the stock is 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.