Remitly Global (NASDAQ:RELY) Price Target Raised to $25.00 at Wells Fargo & Company

Remitly Global (NASDAQ:RELY) had its target price lifted by equities researchers at Wells Fargo & Company from $21.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 3.51% from the company’s current price.

RELY has been the topic of several other reports. JMP Securities increased their target price 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. Barclays increased their target price 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. Finally, KeyCorp increased their target price 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. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $24.25.

Remitly Global Stock Performance

NASDAQ:RELY opened at $25.91 on Thursday. Remitly Global has a one year low of $11.60 and a one year high of $27.32. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -74.03 and a beta of 0.07. The firm’s fifty day moving average is $23.49 and its two-hundred day moving average is $18.55.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. As a group, equities research analysts predict that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 sale, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,947 shares of company stock worth $1,467,012 in the last 90 days. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $89,000. Advisors Asset Management Inc. boosted its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in shares of Remitly Global during the 3rd quarter worth approximately $76,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $135,000. Institutional investors and hedge funds 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.