Citizens Jmp Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its target price lifted by Citizens Jmp from $22.00 to $26.00 in a research report released on Thursday morning,Benzinga reports. They currently have a market outperform rating on the financial services provider’s stock.

RELY has been the subject of several other reports. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. The Goldman Sachs Group restated a “buy” rating and set a $27.00 price objective on shares of Remitly Global in a report on Thursday. Finally, KeyCorp lifted their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.44.

Remitly Global Trading Down 4.0%

Shares of Remitly Global stock opened at $22.79 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global has a 1 year low of $12.08 and a 1 year high of $24.70. The company has a market capitalization of $4.79 billion, a P/E ratio of 46.51, a P/E/G ratio of 0.84 and a beta of 0.40. The business has a 50 day moving average price of $17.82 and a 200 day moving average price of $15.37.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 13.28% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the previous year, the firm posted $0.05 EPS. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. Sell-side analysts anticipate that Remitly Global will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director owned 122,496 shares of the company’s stock, valued at $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 9,741 shares of Remitly Global stock in a transaction 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 12,163,520 shares of company stock valued at $194,773,102. 6.53% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the company. LB Partners LLC increased its holdings in shares of Remitly Global by 60.4% during 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 during the last quarter. Renaissance Group LLC increased its holdings in shares of Remitly Global by 52.0% during the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock worth $8,069,000 after buying an additional 169,271 shares during the last quarter. Capelight Capital Asset Management LP acquired a new stake in shares of Remitly Global during the 4th quarter worth $1,380,000. JPMorgan Chase & Co. increased its holdings in shares of Remitly Global by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock worth $34,862,000 after buying an additional 104,716 shares during the last quarter. Finally, Baillie Gifford & Co. increased its holdings in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Q1 results beat expectations: Remitly reported $0.23 EPS vs. $0.12 consensus and revenue of $452.8M (up 25% YoY). Send volume rose ~37%; net income and Adjusted EBITDA jumped sharply — helping the company raise its full?year outlook. Globe Newswire Release
• Positive Sentiment: Analyst upgrades: Citizens Jmp raised its PT to $26 with a Market Outperform, and Monness Crespi & Hardt raised its PT to $33 and kept a Buy — these lifts signal renewed sell?side confidence and provide upside visibility for the stock. Analyst Coverage
• Neutral Sentiment: Management commentary and strategy: New CEO Sebastian Gunningham outlined a large market opportunity in cross?border payments, supporting the growth thesis but representing longer?term execution. PYMNTS Interview
• Neutral Sentiment: Full set of investor materials and call transcripts are available for deeper due diligence (earnings slide deck, conference call transcript, and third?party transcripts). Slide Deck SA Transcript
• Negative Sentiment: High trading volume and near?term profit taking: Volume is well above average, and the stock is trading lower today despite the beat — likely driven by short?term rotation and the stock’s elevated valuation (P/E ~73x). Investors sensitive to multiples may be trimming positions.

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.