Citizens Jmp Increases Remitly Global (NASDAQ:RELY) Price Target to $32.00

Remitly Global (NASDAQ:RELY) had its price objective hoisted by equities research analysts at Citizens Jmp from $30.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the financial services provider’s stock. Citizens Jmp’s target price would indicate a potential upside of 31.04% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Wolfe Research restated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a research report on Thursday. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.44.

Remitly Global Trading Down 5.8%

RELY stock opened at $24.42 on Thursday. The stock’s 50 day simple moving average is $22.24 and its 200 day simple moving average is $19.08. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.15. The firm has a market cap of $5.17 billion, a P/E ratio of 17.57 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that Remitly Global will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 170,388 shares of company stock valued at $3,725,510 in the last three months. 6.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently made changes to their positions in the company. Pekin Hardy Strauss Inc. raised its position in shares of Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after buying an additional 104,716 shares in the last quarter. Capelight Capital Asset Management LP bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $1,380,000. GSA Capital Partners LLP increased its stake in shares of Remitly Global by 1,484.2% during the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after acquiring an additional 338,244 shares during the period. Baillie Gifford & Co. increased its stake in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Remitly Global by 44.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock valued at $13,166,000 after acquiring an additional 292,991 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.