Remitly Global (NASDAQ:RELY) Upgraded to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Remitly Global (NASDAQ:RELY) from an underweight rating to an equal weight rating in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $18.00 price target on the financial services provider’s stock, up from their previous price target of $13.00.

Several other research firms have also recently commented on RELY. JPMorgan Chase & Co. increased their target price on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. BMO Capital Markets raised their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price target on shares of Remitly Global in a research report on Monday, July 29th. Finally, The Goldman Sachs Group lowered their price objective on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.88.

Remitly Global Stock Up 5.6 %

NASDAQ RELY opened at $18.99 on Thursday. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $23.01. The business has a 50 day moving average price of $13.87 and a two-hundred day moving average price of $13.99. The stock has a market cap of $3.71 billion, a PE ratio of -51.37 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. As a group, sell-side analysts predict that Remitly Global will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC lifted its position in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Remitly Global by 74.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after buying an additional 1,487,680 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Remitly Global by 27.3% during the first quarter. Lord Abbett & CO. LLC now owns 2,470,323 shares of the financial services provider’s stock worth $51,234,000 after buying an additional 530,485 shares during the period. Dimensional Fund Advisors LP grew its holdings in Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after buying an additional 435,827 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.