Barclays Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target boosted by equities researchers at Barclays from $16.00 to $20.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 11.42% from the company’s current price.

Several other analysts also recently weighed in on the company. JMP Securities upped 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. JPMorgan Chase & Co. upped 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. BMO Capital Markets upped 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. The Goldman Sachs Group dropped their price objective on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Monness Crespi & Hardt upped their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

Remitly Global Stock Performance

RELY opened at $17.95 on Monday. The firm has a market cap of $3.56 billion, a P/E ratio of -51.29 and a beta of 0.02. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. The business’s fifty day moving average is $14.03 and its 200-day moving average is $13.95.

Remitly Global (NASDAQ:RELY) last released its 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. The company had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.20) EPS. Sell-side analysts expect that Remitly Global will post -0.3 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in RELY. Duality Advisers LP bought a new position in shares of Remitly Global during the first quarter worth about $446,000. Empowered Funds LLC increased its holdings in Remitly Global by 10.5% in the first quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 4,913 shares in the last quarter. Swiss National Bank increased its holdings in Remitly Global by 2.4% in the first quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock worth $5,689,000 after purchasing an additional 6,500 shares in the last quarter. ProShare Advisors LLC increased its holdings in Remitly Global by 10.9% in the first quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock worth $507,000 after purchasing an additional 2,407 shares in the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in Remitly Global in the first quarter worth approximately $218,000. 74.25% of the stock is currently owned by 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.