Remitly Global (NASDAQ:RELY) Given New $33.00 Price Target at The Goldman Sachs Group

Remitly Global (NASDAQ:RELY) had its target price hoisted by The Goldman Sachs Group from $28.00 to $33.00 in a research report report published on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also recently issued reports on RELY. JMP Securities upped their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday. KeyCorp increased their target price 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. BMO Capital Markets raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Barclays boosted their target price on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $25.79 on Thursday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The company has a 50 day moving average of $23.58 and a 200 day moving average of $18.60.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. On average, sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. This trade represents 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. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global in the fourth quarter worth approximately $28,000. Advisors Asset Management Inc. grew its stake in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new stake in Remitly Global during the third quarter worth $76,000. R Squared Ltd bought a new position in shares of Remitly Global during the fourth quarter valued at $89,000. Finally, FMR LLC raised its holdings in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.