Wells Fargo & Company Boosts Remitly Global (NASDAQ:RELY) Price Target to $21.00

Remitly Global (NASDAQ:RELY) had its price objective hoisted by stock analysts at Wells Fargo & Company from $18.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential downside of 9.72% from the stock’s previous close.

Several other research analysts have also commented on the stock. Barclays upped their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. BMO Capital Markets upped their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Finally, KeyCorp increased their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.13.

Remitly Global Price Performance

NASDAQ RELY opened at $23.26 on Thursday. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.51. The stock has a market capitalization of $4.61 billion, a PE ratio of -66.46 and a beta of 0.07. The business’s 50-day moving average is $21.60 and its 200 day moving average is $16.68.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period last year, the company earned ($0.20) EPS. As a group, equities research analysts anticipate that Remitly Global will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,893 shares of company stock worth $864,720 in the last 90 days. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. Dakota Wealth Management bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $269,000. Claro Advisors LLC lifted its position in Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 629 shares in the last quarter. Green Alpha Advisors LLC boosted its stake in Remitly Global by 74.4% during the 4th quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 7,991 shares during the last quarter. Principal Financial Group Inc. increased 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 purchasing an additional 2,001,198 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Remitly Global by 18.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock worth $799,000 after purchasing an additional 9,323 shares during 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.