JPMorgan Chase & Co. Issues Pessimistic Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its target price decreased by research analysts at JPMorgan Chase & Co. from $23.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 55.48% from the stock’s current price.

Several other brokerages have also recently issued reports on RELY. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 3rd. Monness Crespi & Hardt dropped their price target on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $17.00 target price on shares of Remitly Global in a report on Tuesday, January 6th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Price Performance

RELY stock opened at $14.15 on Tuesday. Remitly Global has a 1-year low of $12.08 and a 1-year high of $27.32. The stock has a market capitalization of $2.96 billion, a P/E ratio of 157.22 and a beta of 0.11. The business has a fifty day moving average price of $13.64 and a 200-day moving average price of $15.90.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.Remitly Global’s revenue was up 24.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.01 EPS. As a group, analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 3,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the transaction, the insider owned 220,830 shares of the company’s stock, valued at $3,312,450. The trade was a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the sale, the director directly owned 41,576 shares of the company’s stock, valued at approximately $550,882. This trade represents a 9.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 50,276 shares of company stock worth $673,109. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently made changes to their positions in the business. California State Teachers Retirement System boosted its stake in shares of Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after acquiring an additional 679 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares in the last quarter. Xponance Inc. boosted its stake in Remitly Global by 8.7% in the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares during the period. AlphaQuest LLC boosted its stake in Remitly Global by 34.4% in the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its holdings in Remitly Global by 8.9% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 14,518 shares of the financial services provider’s stock valued at $237,000 after buying an additional 1,192 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.