Cantor Fitzgerald Raises Remitly Global (NASDAQ:RELY) Price Target to $24.00

Remitly Global (NASDAQ:RELY) had its target price raised by equities researchers at Cantor Fitzgerald from $20.00 to $24.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 16.28% from the company’s previous close.

RELY has been the subject of a number of other research reports. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Oppenheimer set a $20.00 price objective on Remitly Global in a research report on Thursday, February 19th. Finally, Citizens Jmp lifted their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Remitly Global currently has an average rating of “Buy” and a consensus price target of $23.22.

Remitly Global Stock Up 3.1%

NASDAQ:RELY opened at $20.64 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The firm’s 50-day moving average price is $16.19 and its 200-day moving average price is $14.88. The company has a market capitalization of $4.35 billion, a PE ratio of 66.58, a P/E/G ratio of 0.71 and a beta of 0.09. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. During the same period last year, the company posted ($0.03) EPS. Remitly Global’s revenue was up 25.7% on a year-over-year basis. On average, equities analysts predict that Remitly Global will post 0.51 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the sale, the chief financial officer owned 862,759 shares in the company, valued at $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the sale, the insider directly owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. This trade represents a 47.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 12,096,720 shares of company stock valued at $193,409,294. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. OP Asset Management Ltd bought a new position in shares of Remitly Global during the first quarter valued at $412,000. Creek Drive Management Group LLC purchased a new position in Remitly Global in the 4th quarter worth about $2,036,000. PEAK6 LLC lifted its stake in Remitly Global by 260.0% during the 4th quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 76,258 shares during the period. Corient Private Wealth LLC lifted its stake in Remitly Global by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after acquiring an additional 8,300 shares during the period. Finally, Virtu Financial LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $268,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.