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

Remitly Global (NASDAQ:RELY) had its price objective hoisted by Cantor Fitzgerald from $28.00 to $30.00 in a report released on Monday morning, Marketbeat.com reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on the stock. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp lifted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Wolfe Research restated an “outperform” rating and set a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Remitly Global Stock Up 2.6%

Shares of Remitly Global stock opened at $24.23 on Monday. Remitly Global has a twelve month low of $12.08 and a twelve month high of $27.15. The business has a 50-day moving average price of $22.44 and a 200-day moving average price of $19.32. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of 17.43 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 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts expect that Remitly Global will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Nigel W. Morris sold 8,938 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $25.43, for a total transaction of $227,293.34. Following the transaction, the director directly owned 1,882,056 shares of the company’s stock, valued at approximately $47,860,684.08. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 16,000 shares of the 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 in the company, valued at approximately $15,363,878.10. This trade represents a 2.04% 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. Insiders sold 405,125 shares of company stock worth $9,464,949 over the last 90 days. Corporate insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of RELY. Compass Financial Management LLC bought a new position in Remitly Global in the second quarter worth approximately $82,000. Ieq Capital LLC bought a new stake in Remitly Global during the 2nd quarter valued at $4,799,000. Keebeck Wealth Management purchased a new position in shares of Remitly Global in the 2nd quarter valued at $624,000. Green Alpha Advisors LLC purchased a new position in shares of Remitly Global in the 2nd quarter valued at $223,000. Finally, Allworth Financial LP purchased a new position in shares of Remitly Global in the 2nd quarter valued at $109,000. 74.25% of the stock is currently owned by institutional investors.

Trending Headlines about Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Analyst support remains strong: Cantor Fitzgerald raised its price target to $30 from $28 and maintained an “overweight” rating. The firm joins Wolfe Research and KeyCorp, which also maintain bullish ratings and price targets above recent trading levels. The average analyst price target is $27.67. Cantor Fitzgerald analyst article
• Positive Sentiment: The company’s Q2 earnings-call discussion addressed key analyst questions about business performance, strategic initiatives and potential growth drivers. The conversation may reinforce investor confidence following the earnings beat, although the article does not indicate a new financial forecast. Top analyst questions from Remitly’s Q2 earnings call
• Neutral Sentiment: Reported short interest was listed at zero shares, producing a zero-day short-interest ratio. The figures provide no meaningful indication of short-seller positioning or a potential short-covering catalyst.
• Negative Sentiment: Insider selling could temper sentiment. Director Phillip John Riese sold 100,000 shares for approximately $2.37 million on August 11 after selling another 160,182 shares for about $3.99 million on August 7, reducing his position substantially. Director Nigel Morris separately sold 8,938 shares worth roughly $227,000, though that represented only a 0.47% reduction in his holdings. Remitly Global insider selling report

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.