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

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 - Get Free Report) had its price objective decreased by research analysts at JMP Securities from $32.00 to $23.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "market outperform" rating on the financial services provider's stock. JMP Securities' price objective would indicate a potential upside of 26.65% from the company's previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. KeyCorp reissued an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Stock Performance

Shares of RELY opened at $18.16 on Monday. The company has a market capitalization of $3.74 billion, a P/E ratio of 302.72 and a beta of 0.13. Remitly Global has a one year low of $12.43 and a one year high of $27.32. The stock has a 50-day moving average price of $18.22 and a 200 day moving average price of $19.84.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS 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 net margin of 0.96% and a return on equity of 2.31%. The company's revenue for the quarter was up 34.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. As a group, equities research analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In related news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director directly owned 3,654,288 shares in the company, valued at $67,275,442.08. The trade was a 1.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,360 shares of company stock valued at $1,477,749 in the last quarter. Company insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas acquired a new position in shares of Remitly Global in the 1st quarter worth $1,231,000. KBC Group NV boosted its position in shares of Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after buying an additional 1,823 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in shares of Remitly Global in the fourth quarter worth $580,000. SG Americas Securities LLC acquired a new stake in shares of Remitly Global in the first quarter worth $1,008,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Remitly Global in the first quarter worth $46,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

About Remitly Global

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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