Remitly Global (NASDAQ:RELY) Given New $21.00 Price Target at Wells Fargo & Company

Remitly Global (NASDAQ:RELY) had its price target upped by investment analysts at Wells Fargo & Company from $18.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 9.13% from the stock’s previous close.

RELY has been the topic of several other reports. Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. BMO Capital Markets upped their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Trading Up 0.5 %

RELY stock traded up $0.11 during trading hours on Thursday, hitting $23.11. 138,654 shares of the stock were exchanged, compared to its average volume of 1,189,733. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.51. The firm has a market capitalization of $4.58 billion, a P/E ratio of -66.03 and a beta of 0.07. The company has a 50-day simple moving average of $21.45 and a two-hundred day simple moving average of $16.56.

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

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,893 shares of company stock worth $864,720 over the last three months. 8.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. raised its holdings in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global in the 3rd quarter worth about $76,000. FMR LLC increased its stake in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC purchased a new position in Remitly Global during the 3rd quarter valued at about $144,000. Finally, Point72 Hong Kong Ltd bought a new stake in Remitly Global during the third quarter worth about $151,000. 74.25% of the stock is owned by 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.