Remitly Global (NASDAQ:RELY) Price Target Raised to $21.00 at KeyCorp

Remitly Global (NASDAQ:RELY) had its target price upped by equities research analysts at KeyCorp from $20.00 to $21.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. KeyCorp’s target price indicates a potential upside of 20.83% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $13.00 to $18.00 in a report on Thursday. The Goldman Sachs Group dropped their price target 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. BMO Capital Markets raised their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Remitly Global in a research report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Stock Performance

NASDAQ:RELY traded up $2.12 on Thursday, hitting $17.38. The company’s stock had a trading volume of 5,451,885 shares, compared to its average volume of 1,665,888. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. Remitly Global has a one year low of $11.60 and a one year high of $27.62. The stock has a fifty day moving average of $13.87 and a two-hundred day moving average of $13.99. The firm has a market capitalization of $3.39 billion, a P/E ratio of -49.69 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.20) earnings per share. Research analysts predict that Remitly Global will post -0.3 earnings per share 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 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 completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently modified their holdings of RELY. Millennium Management LLC lifted its position in 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 valued at $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Remitly Global by 74.4% during 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 purchasing an additional 1,487,680 shares during the period. Lord Abbett & CO. LLC lifted its holdings 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 buying an additional 530,485 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after buying an additional 435,827 shares during the last quarter. Finally, Bank of New York Mellon Corp increased 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 buying an additional 396,264 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.