Remitly Global (NASDAQ:RELY) Price Target Lowered to $28.00 at Monness Crespi & Hardt

Remitly Global (NASDAQ:RELY) had its target price reduced by Monness Crespi & Hardt from $32.00 to $28.00 in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have a buy rating on the financial services provider’s stock.

Several other brokerages also recently commented on RELY. KeyCorp restated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. The Goldman Sachs Group decreased their price objective on Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.88.

Remitly Global Stock Up 3.2%

Shares of NASDAQ:RELY traded up $0.40 during trading on Thursday, reaching $12.71. The stock had a trading volume of 10,412,730 shares, compared to its average volume of 4,234,422. Remitly Global has a 52 week low of $12.16 and a 52 week high of $27.32. The stock has a fifty day simple moving average of $16.70 and a two-hundred day simple moving average of $18.62. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 123.10 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business 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 3.20% and a net margin of 1.36%.The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider directly owned 182,926 shares of the company’s stock, valued at $3,658,520. This trade represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director owned 3,654,288 shares of the company’s stock, valued at $67,275,442.08. This trade represents a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 93,943 shares of company stock worth $1,696,348. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in RELY. M&G PLC raised its stake in shares of Remitly Global by 3.3% in the third quarter. M&G PLC now owns 459,560 shares of the financial services provider’s stock worth $7,353,000 after purchasing an additional 14,765 shares during the last quarter. JPMorgan Chase & Co. raised its position in 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. State of New Jersey Common Pension Fund D lifted its stake in Remitly Global by 37.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 114,235 shares of the financial services provider’s stock valued at $1,862,000 after purchasing an additional 31,118 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Remitly Global by 46.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 26,499 shares of the financial services provider’s stock worth $432,000 after acquiring an additional 8,428 shares during the period. Finally, Caprock Group LLC purchased a new stake in shares of Remitly Global during the 3rd quarter valued at approximately $508,000. Institutional investors own 74.25% of the company’s stock.

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.