JPMorgan Chase & Co. Cuts Remitly Global (NASDAQ:RELY) Price Target to $22.00

Remitly Global (NASDAQ:RELY) had its price target reduced by JPMorgan Chase & Co. from $23.00 to $22.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 60.06% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Monness Crespi & Hardt reduced their target price on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 3rd. The Goldman Sachs Group reissued a “buy” rating and set a $17.00 price objective on shares of Remitly Global in a report on Tuesday, January 6th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.01 during midday trading on Tuesday, hitting $13.75. 626,828 shares of the stock were exchanged, compared to its average volume of 2,664,923. Remitly Global has a 52-week low of $12.08 and a 52-week high of $27.32. The business’s fifty day simple moving average is $13.58 and its two-hundred day simple moving average is $15.94. The company has a market capitalization of $2.87 billion, a PE ratio of 152.72 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business’s revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 EPS. As a group, equities analysts anticipate that Remitly Global will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In related news, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the completion of the transaction, the insider directly owned 220,830 shares in the company, valued at $3,312,450. This represents a 1.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joshua Hug sold 40,776 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the completion of the sale, the director owned 3,654,764 shares in the company, valued at $48,718,004.12. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 50,276 shares of company stock worth $673,109 over the last three months. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of Remitly Global during the 3rd quarter worth approximately $33,000. First Horizon Corp bought a new stake in shares of Remitly Global during the third quarter valued at approximately $36,000. Quarry LP acquired a new position in shares of Remitly Global in the third quarter valued at $42,000. Finally, Exchange Traded Concepts LLC lifted its position in Remitly Global by 29.9% in the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares during the period. Institutional investors own 74.25% of the company’s stock.

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.