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

Remitly Global (NASDAQ:RELY) had its target price upped by Barclays from $24.00 to $27.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. JMP Securities reiterated a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. KeyCorp upped their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.88.

Remitly Global Price Performance

NASDAQ RELY opened at $24.49 on Monday. The business has a fifty day moving average price of $20.42 and a two-hundred day moving average price of $21.52. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The stock has a market capitalization of $4.99 billion, a PE ratio of -128.89 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $361.62 million during the quarter, compared to analysts’ expectations of $347.81 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The company’s quarterly revenue was up 34.3% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 37,718 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $21.05, for a total value of $793,963.90. Following the completion of the sale, the insider now directly owns 3,776,093 shares in the company, valued at $79,486,757.65. This represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the 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 of the company’s stock, valued at $7,562,273.05. The trade was a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,301 shares of company stock worth $1,560,012 over the last three months. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently bought and sold shares of the company. Nuveen LLC bought a new stake in Remitly Global during the first quarter valued at $32,703,000. Invesco Ltd. boosted its position in Remitly Global by 5.1% during the first quarter. Invesco Ltd. now owns 117,285 shares of the financial services provider’s stock valued at $2,440,000 after acquiring an additional 5,673 shares during the last quarter. Townsquare Capital LLC boosted its position in Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 459 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Remitly Global by 20.4% during the 1st quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider’s stock worth $49,324,000 after purchasing an additional 402,417 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Remitly Global by 0.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,254,094 shares of the financial services provider’s stock worth $26,085,000 after purchasing an additional 7,512 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

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.