Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00 at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its price target lifted by The Goldman Sachs Group from $27.00 to $30.00 in a report published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also issued reports on RELY. Cantor Fitzgerald boosted their price target on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. KeyCorp boosted their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Citigroup restated a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Finally, Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Remitly Global Stock Up 2.0%

RELY opened at $23.56 on Thursday. The stock’s 50 day moving average price is $21.54 and its two-hundred day moving average price is $17.64. The firm has a market capitalization of $4.96 billion, a P/E ratio of 48.08 and a beta of 0.34. Remitly Global has a 12-month low of $12.08 and a 12-month high of $24.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. As a group, analysts anticipate that Remitly Global will post 0.62 earnings per share for the current year.

Insider Activity

In other news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the sale, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Phillip John Riese sold 40,000 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director owned 122,496 shares of the company’s stock, valued at approximately $2,454,819.84. This trade represents a 24.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 249,188 shares of company stock worth $5,303,878 over the last ninety days. Corporate insiders own 6.53% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Pekin Hardy Strauss Inc. increased its stake in shares of Remitly Global by 581.8% in the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after buying an additional 104,716 shares during the period. Capelight Capital Asset Management LP acquired a new position in shares of Remitly Global during the fourth quarter valued at $1,380,000. GSA Capital Partners LLP increased its position in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares during the period. Baillie Gifford & Co. increased its position in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after purchasing an additional 292,991 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 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.