Remitly Global (NASDAQ:RELY) Price Target Raised to $29.00 at Barclays

Remitly Global (NASDAQ:RELY) had its price target raised by investment analysts at Barclays from $28.00 to $29.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target suggests a potential upside of 21.54% from the company’s current price.

A number of other brokerages also recently issued reports on RELY. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company upped their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. The Goldman Sachs Group upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped 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. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $23.86 on Monday. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The company’s fifty day simple moving average is $23.64 and its 200-day simple moving average is $18.75. The stock has a market capitalization of $4.79 billion, a PE ratio of -125.58 and a beta of 0.07.

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

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in Remitly Global during the fourth quarter valued at $28,000. R Squared Ltd purchased a new position in shares of Remitly Global in the fourth quarter worth about $89,000. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. acquired a new stake in Remitly Global during the third quarter worth about $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the fourth quarter worth about $135,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

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.