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

Remitly Global (NASDAQ:RELY) had its price target increased by Citizens Jmp from $26.00 to $30.00 in a report issued on Thursday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the financial services provider’s stock.

A number of other analysts have also recently commented on RELY. Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. KeyCorp raised their price objective on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group raised their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday. Finally, Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $24.13 on Thursday. Remitly Global has a 1 year low of $12.08 and a 1 year high of $25.75. The stock has a market cap of $5.08 billion, a P/E ratio of 49.24 and a beta of 0.34. The firm has a 50-day moving average of $21.69 and a 200 day moving average of $18.03.

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

Insiders Place Their Bets

In other news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the transaction, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ankur Sinha sold 7,596 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. The trade was a 0.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in RELY. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Remitly Global by 48.2% during 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 purchasing an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares during the last quarter. Finally, Capital International Investors purchased a new stake in shares of Remitly Global during the fourth quarter valued at $24,328,000. 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.