Remitly Global (NASDAQ:RELY) Price Target Raised to $32.00 at Monness Crespi & Hardt

Remitly Global (NASDAQ:RELY - Get Free Report) had its price objective increased by equities researchers at Monness Crespi & Hardt from $30.00 to $32.00 in a report released on Thursday, Marketbeat reports. The firm currently has a "buy" rating on the financial services provider's stock. Monness Crespi & Hardt's target price would indicate a potential upside of 51.74% from the stock's previous close.

Several other research analysts have also recently weighed in on RELY. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. KeyCorp cut their price target on Remitly Global from $33.00 to $24.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. JMP Securities reissued a "market outperform" rating and set a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. Barclays boosted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $28.75.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $21.09 on Thursday. The company has a market capitalization of $4.30 billion, a PE ratio of -110.99 and a beta of 0.16. Remitly Global has a one year low of $11.60 and a one year high of $27.32. The stock has a fifty day moving average of $20.45 and a 200-day moving average of $21.29.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The firm's revenue was up 34.3% on a year-over-year basis. As a group, research analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares of the company's stock, valued at approximately $83,602,896.03. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,301 shares of company stock valued at $1,560,012. 8.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. GSA Capital Partners LLP boosted its holdings in shares of Remitly Global by 57.5% in the 1st quarter. GSA Capital Partners LLP now owns 100,714 shares of the financial services provider's stock worth $2,095,000 after purchasing an additional 36,778 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Remitly Global during the first quarter valued at approximately $266,000. Cetera Investment Advisers bought a new position in Remitly Global in the 1st quarter worth $223,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Remitly Global by 21.4% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 813,419 shares of the financial services provider's stock worth $16,919,000 after buying an additional 143,522 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Remitly Global in the 1st quarter worth approximately $1,409,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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