The Goldman Sachs Group Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its target price hoisted by research analysts at The Goldman Sachs Group from $28.00 to $33.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 24.88% from the stock’s current price.

Other analysts have also recently issued research reports about the company. KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. JMP Securities increased their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday. Barclays upped their target price on Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.88.

Remitly Global Stock Up 2.0 %

RELY stock traded up $0.52 during trading on Thursday, hitting $26.43. The company had a trading volume of 2,384,179 shares, compared to its average volume of 1,665,953. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The company has a 50 day simple moving average of $23.49 and a 200-day simple moving average of $18.55. The firm has a market capitalization of $5.23 billion, a P/E ratio of -75.86 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Sell-side analysts forecast that Remitly Global will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 in the last ninety days. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at $28,000. Advisors Asset Management Inc. boosted its stake in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the period. Assetmark Inc. acquired a new position in shares of Remitly Global during the third quarter worth about $76,000. R Squared Ltd purchased a new stake in shares of Remitly Global during the fourth quarter worth approximately $89,000. Finally, FMR LLC raised its holdings in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. 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.