Remitly Global (NASDAQ:RELY) Given New $21.00 Price Target at KeyCorp

Remitly Global (NASDAQ:RELY) had its price target increased by KeyCorp from $20.00 to $21.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. KeyCorp’s target price would suggest a potential upside of 20.83% from the stock’s previous close.

RELY has been the subject of a number of other research reports. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Remitly Global in a research note on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt boosted their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $13.00 to $18.00 in a research note on Thursday. 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 on the stock in a research report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.88.

Remitly Global Stock Up 13.9 %

Remitly Global stock traded up $2.12 on Thursday, hitting $17.38. 5,451,885 shares of the stock traded hands, compared to its average volume of 1,665,888. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.62. The firm has a market cap of $3.39 billion, a P/E ratio of -49.69 and a beta of 0.10. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. The business’s fifty day simple moving average is $13.87 and its 200 day simple moving average is $13.99.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The business had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts forecast that Remitly Global will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in shares of Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after buying an additional 1,487,680 shares during the period. Lord Abbett & CO. LLC grew its stake in Remitly Global by 27.3% in the 1st quarter. Lord Abbett & CO. LLC now owns 2,470,323 shares of the financial services provider’s stock worth $51,234,000 after acquiring an additional 530,485 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after acquiring an additional 435,827 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Remitly Global by 76.3% during the second quarter. Bank of New York Mellon Corp now owns 915,319 shares of the financial services provider’s stock valued at $11,094,000 after acquiring an additional 396,264 shares in the last quarter. 74.25% of the stock is currently owned by 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.