JMP Securities Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

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

RELY has been the subject of a number of other research reports. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $13.00 to $18.00 in a research note on Thursday. The Goldman Sachs Group dropped their price target 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, JPMorgan Chase & Co. lifted 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. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.88.

Remitly Global Price Performance

Shares of RELY stock traded down $0.24 on Thursday, reaching $17.74. 1,039,870 shares of the company were exchanged, compared to its average volume of 1,672,640. The company 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 1 year low of $11.60 and a 1 year high of $23.01. The business has a 50-day moving average price of $13.95 and a 200 day moving average price of $14.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46.

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

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. raised its stake in shares of Remitly Global by 409.8% in the 1st 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. American International Group Inc. lifted its stake in Remitly Global by 1.3% during the first 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 in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Remitly Global in the first quarter valued at $1,271,000. Hood River Capital Management LLC purchased a new stake in shares of Remitly Global in the 1st quarter valued at $12,789,000. Finally, Blair William & Co. IL lifted its stake in Remitly Global by 133.4% during the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock worth $714,000 after acquiring an additional 19,665 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.