Remitly Global (NASDAQ:RELY) Price Target Cut to $26.00 by Analysts at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its target price cut by The Goldman Sachs Group from $33.00 to $26.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

RELY has been the subject of several other reports. Barclays increased their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. BMO Capital Markets upped their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, Wells Fargo & Company raised their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.25.

Remitly Global Trading Down 7.3 %

Shares of Remitly Global stock opened at $18.66 on Wednesday. The firm’s 50 day moving average is $22.79 and its 200 day moving average is $20.24. The firm has a market capitalization of $3.74 billion, a PE ratio of -98.21 and a beta of 0.07. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. As a group, research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of RELY. Norges Bank bought a new position in shares of Remitly Global in the fourth quarter valued at $66,169,000. Principal Financial Group Inc. raised its holdings in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Remitly Global by 1,032.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after acquiring an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after purchasing an additional 933,253 shares in the last quarter. 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.