Barclays Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target hoisted by analysts at Barclays from $24.00 to $27.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 10.25% from the company’s current price.

A number of other research firms have also issued reports on RELY. KeyCorp boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday. JMP Securities restated a “market outperform” rating and issued a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

Remitly Global Trading Up 2.7%

RELY stock traded up $0.64 during mid-day trading on Monday, reaching $24.49. The company’s stock had a trading volume of 4,726,091 shares, compared to its average volume of 2,009,984. The company has a market cap of $4.99 billion, a price-to-earnings ratio of -128.89 and a beta of 0.16. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The business’s 50 day moving average price is $20.42 and its 200 day moving average price is $21.52.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same period last year, the firm earned ($0.11) earnings per share. The business’s quarterly revenue was up 34.3% compared to the same quarter last year. As a group, equities analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity 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 Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. The trade was a 0.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 37,718 shares of the stock in a transaction 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 transaction, the insider now directly owns 3,776,093 shares in the company, valued at approximately $79,486,757.65. This represents a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,301 shares of company stock valued at $1,560,012 over the last 90 days. 7.50% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp increased its stake in shares of Remitly Global by 10.4% in the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider’s stock worth $1,290,000 after buying an additional 5,390 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Remitly Global during the fourth quarter worth about $1,228,000. DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global in the 4th quarter worth approximately $273,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after buying an additional 49,200 shares during the last quarter. Finally, Bank of Montreal Can increased its position in Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock valued at $931,000 after buying an additional 1,435 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

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.