Cantor Fitzgerald Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price objective hoisted by stock analysts at Cantor Fitzgerald from $24.00 to $28.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 16.62% from the company’s current price.

Several other analysts have also commented on RELY. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. KeyCorp increased their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Finally, Monness Crespi & Hardt upped their price target on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.89.

Remitly Global Trading Down 0.1%

Remitly Global stock opened at $24.01 on Monday. The firm has a market cap of $5.06 billion, a PE ratio of 49.00 and a beta of 0.40. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.70. The stock’s 50 day simple moving average is $17.82 and its two-hundred day simple moving average is $15.37. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last posted its earnings results 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. Remitly Global had a net margin of 6.12% and a return on equity of 13.28%. The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same period in the previous year, the firm earned $0.05 EPS. The business’s quarterly revenue was up 25.2% on a year-over-year basis. Analysts anticipate that Remitly Global will post 0.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the sale, the director directly owned 122,496 shares of the company’s stock, valued at $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 16,800 shares of Remitly Global stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $21.56, for a total value of $362,208.00. Following the completion of the sale, the director directly owned 3,533,503 shares in the company, valued at $76,182,324.68. This represents a 0.47% 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 12,163,520 shares of company stock worth $194,773,102 in the last quarter. 6.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its position in shares of 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 buying an additional 3,790,210 shares during the last quarter. Marshall Wace LLP boosted its position in Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after acquiring an additional 67,700 shares during the last quarter. Hedge funds and other 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.