JMP Securities Cuts Remitly Global (NASDAQ:RELY) Price Target to $23.00

by · The Cerbat Gem

Remitly Global (NASDAQ:RELY – Free Report) had its target price reduced by JMP Securities from $32.00 to $23.00 in a research report report published on Monday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the company. KeyCorp reiterated an “overweight” rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $27.88.

Read Our Latest Analysis on RELY

Remitly Global Price Performance

Shares of Remitly Global stock opened at $17.43 on Monday. Remitly Global has a 1 year low of $12.43 and a 1 year high of $27.32. The firm’s 50-day moving average is $18.13 and its 200 day moving average is $19.76. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 290.55 and a beta of 0.13.

Remitly Global (NASDAQ:RELY – Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.Remitly Global’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. On average, equities analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 5,000 shares of Remitly Global stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total value of $98,550.00. Following the transaction, the insider directly owned 186,926 shares of the company’s stock, valued at approximately $3,684,311.46. The trade was a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director directly owned 112,496 shares in the company, valued at $2,249,920. This represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,360 shares of company stock valued at $1,477,749. 7.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of RELY. Ameriprise Financial Inc. grew its position in Remitly Global by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider’s stock worth $4,744,000 after purchasing an additional 41,346 shares during the period. Bank of America Corp DE grew its holdings in Remitly Global by 66.1% during the fourth quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider’s stock worth $9,192,000 after acquiring an additional 162,118 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in Remitly Global during the fourth quarter worth about $580,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Remitly Global by 6.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,975 shares of the financial services provider’s stock valued at $1,918,000 after acquiring an additional 5,223 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in Remitly Global in the fourth quarter valued at approximately $485,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

(Get Free Report)

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.

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