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

Remitly Global (NASDAQ:RELY) had its price objective boosted by equities research analysts at Citizens Jmp from $26.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the financial services provider’s stock. Citizens Jmp’s price target would indicate a potential upside of 20.19% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. KeyCorp lifted their price target on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Finally, Cantor Fitzgerald raised their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Remitly Global Price Performance

Shares of RELY stock opened at $24.96 on Thursday. The stock’s fifty day simple moving average is $21.63 and its 200 day simple moving average is $17.91. Remitly Global has a one year low of $12.08 and a one year high of $25.00. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 50.94 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 earnings per share. On average, research analysts anticipate that Remitly Global will post 0.62 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares in the company, valued at $15,363,878.10. The trade was a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 34,383 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $24.89, for a total transaction of $855,792.87. Following the sale, the director directly owned 3,482,320 shares of the company’s stock, valued at approximately $86,674,944.80. This trade represents a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 237,188 shares of company stock worth $5,089,318. 6.53% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in RELY. Bank of America Corp DE grew its stake in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Marshall Wace LLP boosted its holdings in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after buying an additional 1,962,076 shares during the last quarter. Finally, Capital International Investors acquired a new position in shares of Remitly Global during the 4th quarter worth about $24,328,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.