Remitly Global’s (RELY) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Remitly Global (NASDAQ:RELY) in a research note released on Thursday,Benzinga reports. JMP Securities currently has a $32.00 price objective on the financial services provider’s stock.

A number of other brokerages have also commented on RELY. Wells Fargo & Company upped their price target on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. The Goldman Sachs Group reduced their price target on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $20.41 on Thursday. The business’s 50-day simple moving average is $22.22 and its 200-day simple moving average is $20.51. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of -107.42 and a beta of 0.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, equities research analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now owns 4,387,845 shares in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 over the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth about $28,000. R Squared Ltd bought a new stake in Remitly Global during the fourth quarter worth about $89,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global during the fourth quarter worth approximately $135,000. KBC Group NV raised its stake in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global in the 4th quarter worth approximately $155,000. 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.