Wells Fargo & Company Boosts Remitly Global (NASDAQ:RELY) Price Target to $25.00

Remitly Global (NASDAQ:RELY) had its price target raised by Wells Fargo & Company from $21.00 to $25.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. KeyCorp lifted 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. Barclays lifted their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Remitly Global Trading Down 0.5 %

Shares of NASDAQ RELY opened at $25.79 on Thursday. The firm’s fifty day moving average is $23.58 and its two-hundred day moving average is $18.60. Remitly Global has a 52-week low of $11.60 and a 52-week 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. On average, research analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,947 shares of company stock valued at $1,467,012. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in Remitly Global in the 4th quarter valued at about $28,000. Advisors Asset Management Inc. raised its holdings 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 purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $76,000. R Squared Ltd bought a new stake in shares of Remitly Global in the 4th quarter valued at about $89,000. Finally, FMR LLC raised its holdings 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 valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

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.