Wells Fargo & Company Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target boosted by Wells Fargo & Company from $18.00 to $21.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on RELY. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. BMO Capital Markets raised their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Finally, Barclays upped their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Stock Performance

RELY opened at $23.12 on Thursday. The stock’s 50 day moving average price is $21.52 and its 200-day moving average price is $16.60. Remitly Global has a one year low of $11.60 and a one year high of $23.51. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of -66.06 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company posted ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, analysts predict that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,893 shares of company stock worth $864,720. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of institutional investors have recently made changes to their positions in RELY. Millennium Management LLC raised its stake in Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of 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 purchasing an additional 2,001,198 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Remitly Global by 74.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after purchasing an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC purchased a new stake in Remitly Global during the 2nd quarter worth approximately $9,285,000. Finally, Dimensional Fund Advisors LP increased its stake in Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after purchasing an additional 435,827 shares in the last quarter. 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.