Barclays Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price objective hoisted by Barclays from $20.00 to $23.00 in a report issued on Monday,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. KeyCorp lifted their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Finally, JMP Securities lifted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average price target of $22.75.

Remitly Global Stock Up 2.5 %

Remitly Global stock opened at $20.46 on Monday. The stock has a 50-day simple moving average of $15.49 and a 200 day simple moving average of $14.11. Remitly Global has a 12-month low of $11.60 and a 12-month high of $22.49. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -58.46 and a beta of 0.03.

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, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the previous year, the business posted ($0.20) earnings per share. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Remitly Global will post -0.23 EPS for the current year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently modified their holdings of RELY. ProShare Advisors LLC lifted its stake in Remitly Global by 10.9% in the 1st quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock valued at $507,000 after acquiring an additional 2,407 shares in the last quarter. Blair William & Co. IL lifted its stake in Remitly Global by 133.4% in the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock valued at $714,000 after acquiring an additional 19,665 shares in the last quarter. American International Group Inc. lifted its stake in Remitly Global by 1.3% in the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock valued at $1,391,000 after acquiring an additional 871 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,344 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new stake in Remitly Global in the 1st quarter valued at approximately $12,789,000. 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.