Remitly Global (NASDAQ:RELY) Given New $21.00 Price Target at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has reduced its price target for Remitly Global from $26.00 to $21.00, while maintaining a "buy" rating, suggesting a potential upside of 39.79% from the stock's previous close.
• Remitly Global reported a loss per share of $0.04 for the last quarter, missing estimates of $0.18, despite achieving a revenue increase of 34.4% year-over-year to $411.85 million.
• Insider selling activity included CEO Matthew B. Oppenheimer offloading 14,583 shares at an average price of $16.68, reflecting a 0.32% decrease in his ownership of the stock.

Remitly Global (NASDAQ:RELY - Get Free Report) had its price target dropped by analysts at The Goldman Sachs Group from $26.00 to $21.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's price target indicates a potential upside of 39.79% from the company's previous close.

Several other equities analysts have also commented on the company. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Friday. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Remitly Global in a research report on Wednesday, October 8th. KeyCorp restated an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.25.

Remitly Global Price Performance

Remitly Global stock traded up $0.03 during mid-day trading on Monday, hitting $15.02. 979,879 shares of the company were exchanged, compared to its average volume of 2,994,063. Remitly Global has a 12-month low of $13.16 and a 12-month high of $27.32. The company has a market capitalization of $3.10 billion, a P/E ratio of 250.46 and a beta of 0.10. The business's 50 day simple moving average is $17.83 and its two-hundred day simple moving average is $19.19.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. Equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $16.68, for a total value of $243,244.44. Following the sale, the chief executive officer owned 4,544,354 shares of the company's stock, valued at $75,799,824.72. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director directly owned 112,496 shares of the company's stock, valued at $2,249,920. This trade represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock valued at $1,720,993 in the last quarter. Company insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the stock. Osterweis Capital Management Inc. bought a new stake in Remitly Global in the 1st quarter valued at $7,566,000. Teacher Retirement System of Texas acquired a new position in shares of Remitly Global during the 1st quarter worth about $1,231,000. Intech Investment Management LLC boosted its stake in shares of Remitly Global by 53.0% during the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider's stock worth $1,931,000 after buying an additional 32,150 shares during the last quarter. Ascent Group LLC acquired a new position in shares of Remitly Global during the 1st quarter worth about $304,000. Finally, Palisades Investment Partners LLC acquired a new position in shares of Remitly Global during the 2nd quarter worth about $3,313,000. 74.25% of the stock is owned by institutional investors.

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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