Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00

Remitly Global (NASDAQ:RELY) had its target price increased by investment analysts at Cantor Fitzgerald from $28.00 to $30.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 22.85% from the company’s previous close.

A number of other research analysts have also recently commented on RELY. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a report on Thursday. Wolfe Research reissued an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research note on Thursday. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. The Goldman Sachs Group increased their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.67.

Remitly Global Stock Performance

Remitly Global stock opened at $24.42 on Monday. The company has a 50-day moving average price of $22.24 and a 200 day moving average price of $19.12. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.15. The stock has a market cap of $5.17 billion, a P/E ratio of 17.57 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same period in the previous year, the business posted $0.03 EPS. Remitly Global’s revenue was up 20.2% on a year-over-year basis. As a group, analysts forecast that Remitly Global will post 0.62 EPS for the current year.

Insider Buying and Selling

In related news, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the transaction, the insider directly owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 33,600 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the completion of the transaction, the director owned 3,424,244 shares of the company’s stock, valued at approximately $72,011,851.32. The trade was a 0.97% decrease in their position. 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 have sold 136,005 shares of company stock valued at $2,869,717 over the last ninety days. 6.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Large investors have recently modified their holdings of the company. Pekin Hardy Strauss Inc. boosted its holdings in 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 purchasing an additional 104,716 shares in the last quarter. Capelight Capital Asset Management LP acquired a new stake in shares of Remitly Global in the fourth quarter valued at about $1,380,000. GSA Capital Partners LLP increased its holdings 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 valued at $4,982,000 after buying an additional 338,244 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after acquiring an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Remitly Global by 44.3% during the fourth 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 in the last quarter. 74.25% of the stock is 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.