Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, Barclays Analyst Says

Remitly Global (NASDAQ:RELY) had its target price raised by equities researchers at Barclays from $23.00 to $28.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 19.15% from the stock’s current price.

Several other research analysts have also weighed in on RELY. JMP Securities lifted 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, October 31st. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company raised their target price on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Remitly Global Stock Down 1.0 %

Shares of NASDAQ:RELY opened at $23.50 on Monday. The firm has a market cap of $4.65 billion, a P/E ratio of -67.14 and a beta of 0.07. Remitly Global has a 12-month low of $11.60 and a 12-month high of $24.09. The business has a fifty day simple moving average of $22.25 and a 200 day simple moving average of $17.47.

Insider Activity

In related news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’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 transaction of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,476 shares of company stock valued at $1,202,171. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. M&T Bank Corp bought a new stake in shares of Remitly Global during the 3rd quarter valued at $693,000. DHK Financial Advisors Inc. bought a new stake in shares of Remitly Global during the 4th quarter valued at $273,000. Neo Ivy Capital Management bought a new stake in shares of Remitly Global during the 3rd quarter valued at $628,000. Finally, GSA Capital Partners LLP grew its position in shares of Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after acquiring an additional 60,991 shares during the period. Institutional investors 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.