Remitly Global (NASDAQ:RELY) Given New $24.00 Price Target at Cantor Fitzgerald

Remitly Global (NASDAQ:RELY) had its target price lifted by research analysts at Cantor Fitzgerald from $20.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 16.28% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Citizens Jmp increased their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. JPMorgan Chase & Co. dropped their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Remitly Global has an average rating of “Buy” and an average target price of $23.22.

Remitly Global Price Performance

Shares of RELY opened at $20.64 on Tuesday. The firm has a market cap of $4.35 billion, a PE ratio of 66.58, a P/E/G ratio of 0.71 and a beta of 0.09. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $16.19 and a two-hundred day simple moving average of $14.88. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. On average, equities analysts anticipate that Remitly Global will post 0.51 EPS for the current year.

Insider Transactions at Remitly Global

In related news, insider Ankur Sinha sold 9,741 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $15.26, for a total transaction of $152,600.00. Following the sale, the insider owned 665,878 shares in the company, valued at approximately $10,161,298.28. The trade was a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 12,096,720 shares of company stock valued at $193,409,294. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of RELY. LB Partners LLC increased its stake in Remitly Global by 60.4% in the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after buying an additional 382,314 shares in the last quarter. Renaissance Group LLC lifted its position in shares of Remitly Global by 52.0% in the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after acquiring an additional 169,271 shares in the last quarter. Capelight Capital Asset Management LP bought a new position in shares of Remitly Global in the fourth quarter worth about $1,380,000. JPMorgan Chase & Co. boosted its stake in shares of Remitly Global by 5.1% in the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock worth $34,862,000 after acquiring an additional 104,716 shares during the period. Finally, Baillie Gifford & Co. grew its position in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. 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.