Remitly Global (NASDAQ:RELY) Price Target Raised to $30.00 at The Goldman Sachs Group

Key Points

• Goldman Sachs raised its price target on Remitly Global from $27 to $30 and kept a buy rating, implying about 28% upside from the prior close.
• Other analysts have also turned more positive on RELY, with multiple firms raising targets; the stock now carries a consensus Moderate Buy rating and a $25 average target.
• Remitly’s latest quarterly results beat expectations, posting EPS of $0.23 versus the $0.12 estimate and revenue of $452.8 million, up 25.2% year over year.

Remitly Global (NASDAQ:RELY - Get Free Report) had its price target increased by The Goldman Sachs Group from $27.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's price target would indicate a potential upside of 28.41% from the company's previous close.

RELY has been the topic of several other research reports. Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Citizens Jmp raised their price objective on Remitly Global from $22.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, May 7th. Citigroup reaffirmed a "market outperform" rating on shares of Remitly Global in a report on Thursday, June 4th. Cantor Fitzgerald upped their target price on shares of Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Finally, KeyCorp increased their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Remitly Global Trading Up 1.1%

NASDAQ:RELY traded up $0.26 on Thursday, hitting $23.36. The company had a trading volume of 846,543 shares, compared to its average volume of 4,184,688. Remitly Global has a 52 week low of $12.08 and a 52 week high of $24.92. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 47.65 and a beta of 0.34. The firm has a 50 day moving average of $21.50 and a two-hundred day moving average of $17.58.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm's quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter last year, the business earned $0.05 EPS. As a group, equities analysts forecast that Remitly Global will post 0.62 EPS for the current year.

Insider Buying and Selling

In related news, Director Bora Chung sold 12,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the sale, the director directly owned 125,317 shares in the company, valued at approximately $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ankur Sinha sold 7,596 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the sale, the insider owned 1,222,718 shares in the company, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 249,188 shares of company stock valued at $5,303,878 over the last 90 days. 6.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock worth $49,000 after purchasing an additional 677 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after acquiring an additional 1,050 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Remitly Global by 124.2% during the 1st quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider's stock worth $244,000 after acquiring an additional 8,609 shares in the last quarter. Essential Partners LLC lifted its stake in Remitly Global by 181.8% during the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider's stock worth $51,000 after purchasing an additional 2,116 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock valued at $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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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