Remitly Global (NASDAQ:RELY) Given New $33.00 Price Target at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its price objective raised by The Goldman Sachs Group from $28.00 to $33.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also issued reports on the stock. JMP Securities increased their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday. KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays increased their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Trading Down 7.5 %

Shares of NASDAQ RELY opened at $23.86 on Thursday. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The firm has a market capitalization of $4.79 billion, a PE ratio of -125.58 and a beta of 0.07. The firm has a fifty day simple moving average of $23.64 and a two-hundred day simple moving average of $18.71.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, sell-side analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. 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 in the last 90 days. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock worth $330,674,000 after buying an additional 380,159 shares during the last quarter. Baillie Gifford & Co. raised its stake in Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after acquiring an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after acquiring an additional 1,220,806 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after acquiring an additional 169,454 shares during the period. Finally, Geode Capital Management LLC raised its stake in Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after acquiring an additional 49,281 shares during the period. Hedge funds and other institutional investors 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.