Remitly Global (NASDAQ:RELY) Receives Market Outperform Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Remitly Global (NASDAQ:RELY) in a research note published on Thursday,Benzinga reports. JMP Securities currently has a $32.00 price target on the financial services provider’s stock.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group reduced their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Barclays increased their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Stock Down 1.7 %

Shares of RELY stock opened at $20.01 on Thursday. The firm has a market capitalization of $4.01 billion, a PE ratio of -105.32 and a beta of 0.15. The company has a 50 day moving average price of $22.30 and a 200-day moving average price of $20.46. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32.

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

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s 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 completion of the sale, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,749 shares of company stock valued at $1,081,736. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Remitly Global during the 4th quarter worth approximately $1,228,000. M&T Bank Corp purchased a new stake in shares of Remitly Global during the third quarter valued at $693,000. DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global during the fourth quarter valued at $273,000. Robeco Institutional Asset Management B.V. increased its stake in Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after buying an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in Remitly Global during the 3rd quarter valued at about $628,000. 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.