JPMorgan Chase & Co. Issues Pessimistic Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its target price decreased by stock analysts at JPMorgan Chase & Co. from $23.00 to $22.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 60.06% from the company’s current price.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group reissued a “buy” rating and set a $17.00 price target on shares of Remitly Global in a report on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 3rd. Finally, Monness Crespi & Hardt reduced their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Stock Down 0.0%

RELY traded down $0.01 during midday trading on Tuesday, reaching $13.75. 626,828 shares of the company’s stock were exchanged, compared to its average volume of 2,664,923. Remitly Global has a one year low of $12.08 and a one year high of $27.32. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 152.72 and a beta of 0.11. The business has a 50-day simple moving average of $13.58 and a two-hundred day simple moving average of $15.94.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. During the same quarter in the previous year, the firm earned $0.01 EPS. Remitly Global’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, research analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the transaction, the insider owned 220,830 shares of the company’s stock, valued at $3,312,450. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total value of $543,544.08. Following the completion of the sale, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 50,276 shares of company stock worth $673,109 over the last 90 days. 8.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global in the 3rd quarter worth $33,000. First Horizon Corp bought a new position in shares of Remitly Global in the 3rd quarter worth $36,000. Quarry LP bought a new position in Remitly Global during the third quarter worth about $42,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 714 shares during 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.