Cantor Fitzgerald Raises Remitly Global (NASDAQ:RELY) Price Target to $28.00

Key Points

• Cantor Fitzgerald raised its price target on Remitly Global from $24 to $28 and kept an overweight rating, implying about 16.6% upside from the current price.
• Remitly recently posted strong quarterly results, with earnings of $0.23 per share versus $0.12 expected and revenue of $452.8 million, up 25.2% year over year.
• Analyst sentiment remains generally positive, with a consensus rating of Moderate Buy and an average price target of $24.89, though there has been some mixed action from other firms and notable insider selling in recent months.

Remitly Global (NASDAQ:RELY - Get Free Report) had its target price hoisted by stock analysts at Cantor Fitzgerald from $24.00 to $28.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Cantor Fitzgerald's price target suggests a potential upside of 16.62% from the stock's current price.

A number of other equities research analysts have also weighed in on the company. Freedom Capital upgraded Remitly Global to a "strong-buy" rating in a research note on Wednesday, April 1st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Remitly Global in a research report on Thursday. Zacks Research cut shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. KeyCorp boosted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. Finally, Oppenheimer set a $20.00 price target on shares of Remitly Global in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and an average price target of $24.89.

Remitly Global Stock Performance

Shares of RELY opened at $24.01 on Monday. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $5.06 billion, a PE ratio of 49.00 and a beta of 0.40. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.70. The stock has a fifty day moving average price of $17.82 and a 200-day moving average price of $15.37.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 13.28% and a net margin of 6.12%.The firm had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. During the same period in the previous year, the business earned $0.05 EPS. The firm's revenue for the quarter was up 25.2% on a year-over-year basis. Equities research analysts predict that Remitly Global will post 0.61 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 firm's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the transaction, the chief financial officer directly owned 862,759 shares in the company, valued at $15,098,282.50. This trade represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Pankaj Sharma sold 10,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the sale, the insider directly owned 665,878 shares of the company's stock, valued at $13,317,560. This trade represents a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 12,163,520 shares of company stock valued at $194,773,102. Insiders own 6.53% of the company's stock.

Institutional Trading of Remitly Global

Several large investors have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new position in shares of Remitly Global during the first quarter worth $26,000. Torren Management LLC purchased a new stake in Remitly Global in the fourth quarter valued at $25,000. Essex Investment Management Co. LLC acquired a new stake in Remitly Global during the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. acquired a new stake in Remitly Global during the 4th quarter worth about $28,000. Finally, First Horizon Corp purchased a new position in shares of Remitly Global during the 3rd quarter valued at about $36,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.

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