BMO Capital Markets Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price target raised by BMO Capital Markets from $27.00 to $32.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also commented on RELY. Barclays raised their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. JMP Securities boosted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Trading Down 0.5 %

NASDAQ:RELY opened at $25.79 on Thursday. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a 50-day simple moving average of $23.58 and a 200 day simple moving average of $18.60.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock worth $1,467,012 over the last three months. Company insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in shares of Remitly Global in the 4th quarter worth $28,000. Advisors Asset Management Inc. grew its stake in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter worth $76,000. R Squared Ltd purchased a new position in shares of Remitly Global in the 4th quarter worth $89,000. Finally, FMR LLC boosted its stake in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. 74.25% of the stock is 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.