Remitly Global (NASDAQ:RELY) Price Target Raised to $32.00 at Monness Crespi & Hardt

Remitly Global (NASDAQ:RELY) had its target price upped by stock analysts at Monness Crespi & Hardt from $30.00 to $32.00 in a research note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Monness Crespi & Hardt’s price objective points to a potential upside of 34.12% from the stock’s previous close.

RELY has been the topic of a number of other reports. The Goldman Sachs Group lowered their target price on Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, Barclays boosted their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.13.

Remitly Global Price Performance

RELY opened at $23.86 on Thursday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The company’s 50-day moving average is $20.41 and its 200 day moving average is $21.36. The firm has a market capitalization of $4.86 billion, a P/E ratio of -125.58 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company’s revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.11) EPS. On average, equities research analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 37,718 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $21.05, for a total transaction of $793,963.90. Following the completion of the transaction, the insider now owns 3,776,093 shares of the company’s stock, valued at approximately $79,486,757.65. The trade was a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,301 shares of company stock valued at $1,560,012 over the last three months. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at $28,000. Exchange Traded Concepts LLC bought a new stake in Remitly Global in the 1st quarter worth approximately $46,000. R Squared Ltd bought a new position in Remitly Global during the fourth quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Remitly Global in the 4th quarter valued at $135,000. Finally, KBC Group NV boosted its position in Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,033 shares during the period. Hedge funds and other 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.