Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, JMP Securities Analyst Says

Remitly Global (NASDAQ:RELY) had its target price raised by JMP Securities from $22.00 to $25.00 in a research note issued to investors on Thursday, Benzinga reports. JMP Securities currently has a market outperform rating on the financial services provider’s stock.

RELY has been the subject of several other reports. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets increased their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt increased their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group reduced their target price on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus price target of $21.88.

Remitly Global Stock Performance

Remitly Global stock opened at $17.95 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.46 and a quick ratio of 2.46. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.01. The company has a market cap of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02. The stock’s 50-day moving average is $14.03 and its 200-day moving average is $13.95.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The firm had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the previous year, the company posted ($0.20) earnings per share. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. Equities analysts anticipate that Remitly Global will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RELY. Assetmark Inc. acquired a new stake in shares of Remitly Global during the 3rd quarter valued at approximately $76,000. Principal Financial Group Inc. increased its stake in 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 valued at $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. WoodTrust Financial Corp raised its holdings in shares of Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 6,500 shares during the period. Values First Advisors Inc. lifted its position in shares of Remitly Global by 30.2% in the 3rd quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider’s stock worth $198,000 after buying an additional 3,426 shares during the last quarter. Finally, Brighton Jones LLC boosted its holdings in shares of Remitly Global by 17.3% in the 3rd quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider’s stock valued at $5,735,000 after buying an additional 63,271 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.