JMP Securities Lowers Remitly Global (NASDAQ:RELY) Price Target to $23.00

Remitly Global (NASDAQ:RELY) had its price target dropped by stock analysts at JMP Securities from $32.00 to $23.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the financial services provider’s stock. JMP Securities’ price objective would suggest a potential upside of 26.65% from the company’s current price.

Several other equities research analysts have also issued reports on RELY. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.88.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $18.16 on Monday. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13. Remitly Global has a 52-week low of $12.43 and a 52-week high of $27.32. The stock has a 50-day simple moving average of $18.22 and a 200-day simple moving average of $19.84.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. As a group, equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the transaction, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joshua Hug sold 40,777 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director owned 3,654,288 shares in the company, valued at $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,360 shares of company stock valued at $1,477,749. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Alliancebernstein L.P. boosted its holdings in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock valued at $106,867,000 after purchasing an additional 4,037,151 shares in the last quarter. Norges Bank acquired a new stake in Remitly Global during the second quarter valued at approximately $36,619,000. Driehaus Capital Management LLC acquired a new stake in Remitly Global during the first quarter valued at approximately $32,731,000. Nuveen LLC acquired a new stake in Remitly Global during the first quarter valued at approximately $32,703,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Remitly Global by 97.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock valued at $56,058,000 after purchasing an additional 1,472,210 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.