Remitly Global (NASDAQ:RELY) Price Target Raised to $27.00

Remitly Global (NASDAQ:RELY) had its target price raised by Barclays from $24.00 to $27.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

RELY has been the subject of a number of other reports. Monness Crespi & Hardt raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their price target on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group raised their price target on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Finally, BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $23.13 on Monday. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of -121.74 and a beta of 0.16. The stock has a 50 day moving average price of $20.56 and a 200-day moving average price of $21.62. Remitly Global has a one year low of $11.60 and a one year high of $27.32.

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

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00. Following the completion of the sale, the insider now directly owns 3,823,811 shares of the company’s stock, valued at $75,367,314.81. The trade was a 0.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction 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 directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,301 shares of company stock valued at $1,560,012 in the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position 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. raised its position in shares of Remitly Global by 1.6% in 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 in the last quarter. ArrowMark Colorado Holdings LLC raised its position in shares of Remitly Global by 34.4% in 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Remitly Global by 1.4% in 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 in the last quarter. Finally, Norges Bank bought a new position in shares of Remitly Global in the 4th quarter worth $66,169,000. 74.25% of the stock is owned by institutional investors.

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.