Remitly Global (NASDAQ:RELY) Given New $32.00 Price Target at BMO Capital Markets

Remitly Global (NASDAQ:RELY) had its price objective boosted by BMO Capital Markets from $27.00 to $32.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. BMO Capital Markets’ price objective points to a potential upside of 19.88% from the company’s previous close.

A number of other analysts have also weighed in on RELY. Wells Fargo & Company increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday. KeyCorp increased their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays raised their target price on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, JMP Securities raised their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Stock Up 3.0 %

Remitly Global stock traded up $0.78 during midday trading on Thursday, reaching $26.69. The stock had a trading volume of 714,117 shares, compared to its average volume of 1,617,313. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of -76.02 and a beta of 0.07. The company has a fifty day moving average of $23.49 and a 200 day moving average of $18.55.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Equities research analysts predict that Remitly Global will post -0.23 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 over the last ninety days. 8.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of the company. Comerica Bank boosted its stake in Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after acquiring an additional 534 shares in the last quarter. XTX Topco Ltd boosted its stake in Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares in the last quarter. Claro Advisors LLC boosted its stake in Remitly Global by 5.2% in the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 629 shares in the last quarter. Sei Investments Co. boosted its stake in Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 636 shares in the last quarter. Finally, Values First Advisors Inc. boosted its stake in Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 653 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

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.