Remitly Global (NASDAQ:RELY) Stock Rating Upgraded by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Remitly Global (NASDAQ:RELY) from an underweight rating to an equal weight rating in a report issued on Thursday morning, MarketBeat reports. Wells Fargo & Company currently has $18.00 target price on the financial services provider’s stock, up from their previous target price of $13.00.

Several other brokerages also recently commented on RELY. BMO Capital Markets raised their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Remitly Global in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, The Goldman Sachs Group reduced their price objective on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $21.88.

Remitly Global Stock Down 0.2 %

Remitly Global stock opened at $17.95 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01. The firm has a 50 day moving average price of $14.03 and a two-hundred day moving average price of $13.95. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter last year, the business earned ($0.20) EPS. The company’s revenue was up 39.3% compared to the same quarter last year. Equities analysts predict that Remitly Global will post -0.3 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,344 shares during the last quarter. American International Group Inc. boosted its holdings in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after acquiring an additional 871 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Remitly Global during the 1st quarter worth $1,271,000. Hood River Capital Management LLC bought a new stake in shares of Remitly Global during the 1st quarter worth $12,789,000. Finally, Blair William & Co. IL raised its stake in shares of Remitly Global by 133.4% during the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock worth $714,000 after purchasing an additional 19,665 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.