Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00

Remitly Global (NASDAQ:RELY) had its price objective raised by JPMorgan Chase & Co. from $21.00 to $30.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on the company. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. The Goldman Sachs Group upped their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday. 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 note on Thursday, October 31st. Finally, Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Trading Down 0.5 %

Shares of RELY stock opened at $25.79 on Thursday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a fifty day simple moving average of $23.58 and a two-hundred day simple moving average of $18.60.

Remitly Global (NASDAQ:RELY) last issued its earnings results 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. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. Equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated 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 directly owns 4,417,011 shares in the company, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,947 shares of company stock valued at $1,467,012 in the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp acquired a new position in shares of Remitly Global in the fourth quarter valued at about $211,000. Neo Ivy Capital Management increased its holdings in shares of Remitly Global by 101.2% in the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider’s stock valued at $2,127,000 after purchasing an additional 47,430 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Remitly Global by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock valued at $7,103,000 after purchasing an additional 72,687 shares during the period. Washington Harbour Partners LP acquired a new position in shares of Remitly Global in the fourth quarter valued at about $2,009,000. Finally, Vident Advisory LLC increased its holdings in shares of Remitly Global by 56.6% in the fourth quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider’s stock valued at $1,946,000 after purchasing an additional 31,145 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

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.