Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Remitly Global (NASDAQ:RELY) had its price target upped by stock analysts at The Goldman Sachs Group from $23.00 to $26.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target points to a potential upside of 8.97% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. JPMorgan Chase & Co. boosted 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, February 20th. BMO Capital Markets lifted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, KeyCorp lowered their target price on Remitly Global from $33.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $29.13.

Remitly Global Trading Down 1.2 %

NASDAQ RELY opened at $23.86 on Thursday. The stock has a market cap of $4.86 billion, a PE ratio of -125.58 and a beta of 0.16. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32. The company’s 50-day moving average price is $20.41 and its 200-day moving average price is $21.36.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. The company’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same period last year, the company posted ($0.11) earnings per share. As a group, sell-side analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares of the company’s stock, valued at $83,602,896.03. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joshua Hug sold 37,718 shares of Remitly Global stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $793,963.90. Following the completion of the sale, the insider now owns 3,776,093 shares of the company’s stock, valued at $79,486,757.65. This trade represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,301 shares of company stock worth $1,560,012. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Remitly Global in the fourth quarter valued at about $66,169,000. Principal Financial Group Inc. raised its position in Remitly Global by 10,213.8% during 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 buying an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Remitly Global by 1,032.4% during 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 during the period. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Remitly Global by 34.4% in 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 acquiring an additional 1,220,806 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Remitly Global by 146.4% in the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after acquiring an additional 933,253 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.