JPMorgan Chase & Co. Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $21.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 13.94% from the company’s current price.

A number of other analysts also recently commented on RELY. The Goldman Sachs Group raised their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday. KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Barclays lifted their target price on Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, JMP Securities lifted their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Stock Up 1.6 %

Shares of NASDAQ RELY traded up $0.42 during mid-day trading on Thursday, hitting $26.33. 2,529,151 shares of the company traded hands, compared to its average volume of 1,671,187. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -75.21 and a beta of 0.07. The business has a 50 day moving average of $23.49 and a two-hundred day moving average of $18.55.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, research analysts anticipate that Remitly Global will post -0.23 EPS for the current year.

Insider Buying and Selling at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now 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 filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,947 shares of company stock valued at $1,467,012. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in RELY. Vanguard Group Inc. raised its holdings in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after buying an additional 380,159 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after buying an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 34.4% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after purchasing an additional 169,454 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Remitly Global by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after purchasing an additional 49,281 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.