JPMorgan Chase & Co. Raises Remitly Global (NASDAQ:RELY) Price Target to $30.00

Remitly Global (NASDAQ:RELY) had its price objective increased by JPMorgan Chase & Co. from $21.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages have also commented on RELY. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. Finally, JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Remitly Global Stock Performance

Shares of RELY opened at $23.86 on Thursday. 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 $4.79 billion, a P/E ratio of -125.58 and a beta of 0.07. The firm’s 50-day simple moving average is $23.64 and its 200 day simple moving average is $18.71.

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

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,947 shares of company stock valued at $1,467,012. Company insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. increased its position in Remitly Global by 58.7% during the 3rd 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. acquired a new position in Remitly Global during the 3rd quarter worth approximately $76,000. R Squared Ltd acquired a new position in Remitly Global during the 4th quarter worth approximately $89,000. Finally, FMR LLC increased its position in 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 acquiring an additional 1,970 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.