The Goldman Sachs Group Boosts Remitly Global (NASDAQ:RELY) Price Target to $33.00

Remitly Global (NASDAQ:RELY) had its price objective increased by investment analysts at The Goldman Sachs Group from $28.00 to $33.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 24.88% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Barclays raised their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.88.

Remitly Global Price Performance

Shares of NASDAQ RELY traded up $0.52 during midday trading on Thursday, hitting $26.43. 2,384,179 shares of the company’s stock were exchanged, compared to its average volume of 1,665,953. The firm’s fifty day simple moving average is $23.49 and its 200-day simple moving average is $18.55. The company has a market cap of $5.23 billion, a PE ratio of -75.86 and a beta of 0.07. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Equities analysts anticipate that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bleakley Financial Group LLC grew its holdings in Remitly Global by 29.1% in the third quarter. Bleakley Financial Group LLC now owns 15,178 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 3,422 shares during the period. Brighton Jones LLC grew its stake in shares of Remitly Global by 17.3% during the 3rd quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider’s stock valued at $5,735,000 after buying an additional 63,271 shares during the period. Values First Advisors Inc. grew its stake in shares of Remitly Global by 30.2% during the 3rd quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider’s stock valued at $198,000 after buying an additional 3,426 shares during the period. WoodTrust Financial Corp increased its holdings in shares of Remitly Global by 54.2% during the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock worth $248,000 after buying an additional 6,500 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the period. Hedge funds and other 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.