Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, Barclays Analyst Says

Remitly Global (NASDAQ:RELY) had its target price boosted by analysts at Barclays from $20.00 to $23.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective would suggest a potential upside of 16.57% from the company’s previous close.

A number of other equities research analysts also recently commented on the company. BMO Capital Markets lifted their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Monness Crespi & Hardt upped their price objective on shares of 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 upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, JMP Securities raised their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.09 during midday trading on Monday, hitting $19.73. The company’s stock had a trading volume of 182,514 shares, compared to its average volume of 1,737,634. The company has a market cap of $3.91 billion, a P/E ratio of -56.37 and a beta of 0.03. Remitly Global has a 12-month low of $11.60 and a 12-month high of $22.49. The business’s 50 day simple moving average is $15.24 and its 200 day simple moving average is $14.07.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.20) EPS. On average, sell-side analysts predict that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new stake in shares of Remitly Global in the 3rd quarter valued at about $628,000. Geode Capital Management LLC boosted its holdings in shares of Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after acquiring an additional 107,468 shares during the period. M&T Bank Corp purchased a new position in shares of Remitly Global during the third quarter worth approximately $693,000. Barclays PLC increased its holdings in shares of Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after acquiring an additional 227,231 shares during the period. Finally, XTX Topco Ltd increased its holdings in shares of Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.