Barclays Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price target boosted by Barclays from $28.00 to $29.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

RELY has been the subject of a number of other reports. Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. KeyCorp increased their price objective 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. BMO Capital Markets boosted their target price 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, JMP Securities raised their price target 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. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Price Performance

Shares of RELY opened at $23.84 on Monday. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of -125.47 and a beta of 0.07. The company has a 50-day moving average of $23.79 and a 200 day moving average of $18.94. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The firm 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%. On average, equities analysts anticipate that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction 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 owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 43,749 shares of company stock valued at $1,009,289. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of large investors have recently made changes to their positions in RELY. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter worth $28,000. Advisors Asset Management Inc. increased its stake 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 valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in Remitly Global during the third quarter worth about $76,000. R Squared Ltd purchased a new position in Remitly Global during the fourth quarter worth about $89,000. Finally, FMR LLC boosted its stake in 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 buying an additional 1,970 shares during the last quarter. Institutional investors and hedge funds 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.