Remitly Global (NASDAQ:RELY) Price Target Raised to $26.00

Remitly Global (NASDAQ:RELY) had its price objective lifted by The Goldman Sachs Group from $23.00 to $26.00 in a report published on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Barclays upped their price target on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company raised their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Monness Crespi & Hardt boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $29.13.

Remitly Global Stock Performance

Shares of RELY opened at $23.86 on Thursday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of -125.58 and a beta of 0.16. The firm has a 50 day moving average price of $20.42 and a 200-day moving average price of $21.47.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same period in the previous year, the firm posted ($0.11) earnings per share. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. As a group, equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity

In other news, insider Joshua Hug sold 37,718 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $21.05, for a total value of $793,963.90. Following the completion of the transaction, the insider now owns 3,776,093 shares in the company, valued at $79,486,757.65. This trade represents a 0.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,301 shares of company stock valued at $1,560,012. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Remitly Global by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock worth $311,109,000 after acquiring an additional 306,099 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Remitly Global by 1.6% during the fourth 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 in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after purchasing an additional 1,220,806 shares during the period. Geode Capital Management LLC increased its stake in shares of Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after purchasing an additional 49,281 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $66,169,000. 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.