JPMorgan Chase & Co. Cuts Remitly Global (NASDAQ:RELY) Price Target to $22.00

Remitly Global (NASDAQ:RELY) had its target price cut by JPMorgan Chase & Co. from $23.00 to $22.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

RELY has been the subject of several other research reports. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Monness Crespi & Hardt lowered their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $17.00 price objective on shares of Remitly Global in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.25.

Remitly Global Trading Up 0.9%

RELY stock opened at $14.28 on Tuesday. The firm has a 50 day moving average of $13.68 and a 200-day moving average of $15.89. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.32. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 158.67 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The company’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.01 EPS. Sell-side analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Remitly Global

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after buying an additional 3,870 shares during the period. Millennium Management LLC boosted its position in shares of Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Remitly Global in the first quarter worth approximately $218,000. Focus Partners Wealth purchased a new stake in Remitly Global in the first quarter valued at approximately $1,458,000. Finally, Voya Investment Management LLC grew its holdings in Remitly Global by 7.4% in the first quarter. Voya Investment Management LLC now owns 61,068 shares of the financial services provider’s stock valued at $1,270,000 after purchasing an additional 4,212 shares during the period. 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.