JMP Securities Has Lowered Expectations for Remitly Global (NASDAQ:RELY) Stock Price

Key Points

• JMP Securities has reduced the price target for Remitly Global from $32.00 to $23.00, while maintaining a "market outperform" rating, indicating a potential upside from the stock's previous close.
• Despite the price target cut, Remitly Global has an average rating of "Moderate Buy" from analysts, with a consensus price target of $27.88.
• In its last quarterly earnings, Remitly reported a revenue of $411.85 million, exceeding expectations, but missed EPS estimates by $0.14.

Remitly Global (NASDAQ:RELY - Free Report) had its price objective reduced by JMP Securities from $32.00 to $23.00 in a research report released on Monday morning,Benzinga reports. They currently have a market outperform rating on the financial services provider's stock.

Several other equities analysts also recently weighed in on RELY. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. 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 note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Stock Performance

Shares of RELY stock traded down $0.06 during mid-day trading on Monday, hitting $17.25. The company's stock had a trading volume of 849,067 shares, compared to its average volume of 2,999,887. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 288.05 and a beta of 0.13. Remitly Global has a 52-week low of $12.43 and a 52-week high of $27.32. The business has a 50-day moving average price of $18.12 and a 200 day moving average price of $19.71.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted 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 firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm's revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. Equities research analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director directly owned 112,496 shares of the company's stock, valued at approximately $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,360 shares of company stock valued at $1,477,749. Company insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Ameriprise Financial Inc. grew its holdings 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 acquiring an additional 41,346 shares during the last quarter. Bank of America Corp DE raised its position in Remitly Global by 66.1% in 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. bought a new position in Remitly Global in the 4th quarter worth about $580,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Remitly Global by 6.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,975 shares of the financial services provider's stock worth $1,918,000 after purchasing an additional 5,223 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Remitly Global during the 4th quarter valued at $485,000. 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.