Remitly Global (NASDAQ:RELY) Given New $25.00 Price Target at JMP Securities

Remitly Global (NASDAQ:RELY) had its target price lifted by JMP Securities from $22.00 to $25.00 in a research note published on Thursday, Benzinga reports. JMP Securities currently has a market outperform rating on the financial services provider’s stock.

A number of other analysts also recently commented on RELY. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday. Monness Crespi & Hardt upped their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a report on Thursday. BMO Capital Markets upped their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group cut their price target on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.88.

Remitly Global Stock Performance

Shares of RELY stock opened at $17.95 on Thursday. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. Remitly Global has a 12-month low of $11.60 and a 12-month high of $23.01. The company has a market cap of $3.56 billion, a price-to-earnings ratio of -51.29 and a beta of 0.02. The stock has a 50 day simple moving average of $14.03 and a 200-day simple moving average of $13.95.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.20) earnings per share. On average, equities analysts forecast that Remitly Global will post -0.3 EPS for the current year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in shares of Remitly Global by 19.0% during the first quarter. Principal Financial Group Inc. now owns 18,297 shares of the financial services provider’s stock worth $379,000 after purchasing an additional 2,920 shares during the last quarter. Duality Advisers LP acquired a new stake in Remitly Global in the 1st quarter worth about $446,000. Empowered Funds LLC grew its holdings in Remitly Global by 10.5% in the 1st quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock valued at $1,069,000 after buying an additional 4,913 shares during the period. Swiss National Bank lifted its holdings in shares of Remitly Global by 2.4% during the 1st quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock worth $5,689,000 after acquiring an additional 6,500 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Remitly Global by 10.9% in the first quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock worth $507,000 after acquiring an additional 2,407 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Company Profile

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.