Remitly Global’s (RELY) Market Outperform Rating Reiterated at JMP Securities

Remitly Global (NASDAQ:RELY)‘s stock had its “market outperform” rating reiterated by JMP Securities in a report issued on Thursday,Benzinga reports. They currently have a $32.00 price target on the financial services provider’s stock. JMP Securities’ price target suggests a potential upside of 56.79% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Barclays raised their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Stock Performance

RELY opened at $20.41 on Thursday. The firm’s fifty day moving average is $22.22 and its two-hundred day moving average is $20.51. The firm has a market cap of $4.09 billion, a PE ratio of -107.42 and a beta of 0.15. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Equities analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock valued at $1,081,736 over the last 90 days. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of large investors have recently made changes to their positions in RELY. Allspring Global Investments Holdings LLC acquired a new position in Remitly Global in the 4th quarter valued at $1,228,000. M&T Bank Corp bought a new stake in shares of Remitly Global in the third quarter valued at about $693,000. DHK Financial Advisors Inc. acquired a new position in shares of Remitly Global in the fourth quarter valued at about $273,000. Robeco Institutional Asset Management B.V. increased its position in Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after acquiring an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management bought a new position in Remitly Global during the third quarter worth about $628,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.