Barclays Boosts Remitly Global (NASDAQ:RELY) Price Target to $20.00

Remitly Global (NASDAQ:RELY) had its price objective boosted by Barclays from $16.00 to $20.00 in a research report report published on Monday,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on RELY. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.38.

Remitly Global Price Performance

RELY opened at $19.47 on Monday. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $23.01. The company has a market capitalization of $3.86 billion, a P/E ratio of -55.63 and a beta of 0.03. The firm’s fifty day moving average price is $14.50 and its two-hundred day moving average price is $14.03.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. On average, equities research analysts expect that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction 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 in the company, valued at approximately $3,031,520. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction 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 transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at $3,031,520. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Caprock Group LLC grew its stake in shares of Remitly Global by 7.7% during the 3rd quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider’s stock worth $507,000 after acquiring an additional 2,710 shares in the last quarter. Pathstone Holdings LLC increased its stake in Remitly Global by 2.1% in the 3rd quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock valued at $4,763,000 after buying an additional 7,302 shares during the last quarter. GSA Capital Partners LLP lifted its position in 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 worth $3,517,000 after buying an additional 60,991 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Remitly Global during the 3rd quarter worth about $1,953,000. Finally, Assetmark Inc. bought a new position in shares of Remitly Global in the 3rd quarter valued at about $76,000. 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.