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

Remitly Global (NASDAQ:RELY) had its price target upped by stock analysts at Citizens Jmp from $26.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the financial services provider’s stock. Citizens Jmp’s price objective would indicate a potential upside of 20.19% from the company’s previous close.

RELY has been the subject of several other reports. Cantor Fitzgerald lifted their price target on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday. KeyCorp lifted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

Remitly Global Stock Up 6.1%

Shares of NASDAQ:RELY opened at $24.96 on Thursday. The firm has a fifty day moving average of $21.63 and a two-hundred day moving average of $17.91. Remitly Global has a 12-month low of $12.08 and a 12-month high of $25.00. The firm has a market capitalization of $5.26 billion, a P/E ratio of 50.94 and a beta of 0.34.

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

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 40,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total transaction of $801,600.00. Following the completion of the sale, the director directly owned 122,496 shares in the company, valued at $2,454,819.84. This represents a 24.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at approximately $2,684,290.14. This represents a 8.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 237,188 shares of company stock worth $5,089,318. Corporate insiders own 6.53% of the company’s stock.

Institutional Trading of Remitly Global

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