Remitly Global (NASDAQ:RELY) Price Target Raised to $25.00 at JMP Securities

Remitly Global (NASDAQ:RELY) had its price objective increased by JMP Securities from $22.00 to $25.00 in a research note published on Thursday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. The Goldman Sachs Group dropped their target price 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. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $18.00 in a research note on Thursday. BMO Capital Markets boosted their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. raised their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Stock Down 1.3 %

NASDAQ RELY traded down $0.24 during trading hours on Thursday, hitting $17.74. 1,039,870 shares of the company were exchanged, compared to its average volume of 1,672,640. The company has a 50 day moving average of $13.95 and a two-hundred day moving average of $14.01. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -54.26 and a beta of 0.10. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01.

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

Insider Buying and Selling at Remitly Global

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 completion of the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. American International Group Inc. increased its position 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 purchasing an additional 871 shares during the period. Simplicity Wealth LLC grew its holdings in Remitly Global by 11.7% during the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,228 shares during the period. Principal Financial Group Inc. raised its position in Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 1,296 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 409.8% in the first 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 during the period. Finally, Arizona State Retirement System lifted its holdings in Remitly Global by 3.7% in the second quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 1,415 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.