Citizens Jmp Raises Remitly Global (NASDAQ:RELY) Price Target to $30.00

Remitly Global (NASDAQ:RELY) had its price target upped by research analysts at Citizens Jmp from $26.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the financial services provider’s stock. Citizens Jmp’s price target would suggest a potential upside of 24.33% from the company’s current price.

A number of other research firms have also recently commented on RELY. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. KeyCorp upped their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

Remitly Global Stock Performance

Remitly Global stock opened at $24.13 on Thursday. Remitly Global has a 52 week low of $12.08 and a 52 week high of $25.75. The stock has a market capitalization of $5.08 billion, a P/E ratio of 49.24 and a beta of 0.34. The stock has a fifty day moving average of $21.69 and a 200-day moving average of $18.03.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 EPS. On average, research analysts forecast that Remitly Global will post 0.62 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 34,383 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total transaction of $855,792.87. Following the sale, the director directly owned 3,482,320 shares in the company, valued at approximately $86,674,944.80. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in RELY. GAMMA Investing LLC increased its stake in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares during the last quarter. Main Management ETF Advisors LLC grew its holdings in shares of Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in shares of Remitly Global by 8.4% during the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.