The Goldman Sachs Group Increases Remitly Global (NASDAQ:RELY) Price Target to $30.00

Remitly Global (NASDAQ:RELY) had its price objective upped by analysts at The Goldman Sachs Group from $27.00 to $30.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target points to a potential upside of 26.21% from the company’s previous close.

RELY has been the topic of several other research reports. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Citizens Jmp raised their target price on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Remitly Global Trading Up 0.9%

RELY opened at $23.77 on Thursday. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.92. The firm has a 50-day moving average price of $21.58 and a two-hundred day moving average price of $17.68. The stock has a market capitalization of $5.01 billion, a PE ratio of 48.51 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. On average, research analysts predict that Remitly Global will post 0.62 EPS for the current year.

Insider Transactions at Remitly Global

In other news, Director Bora Chung sold 12,000 shares of Remitly Global stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the sale, the director owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the transaction, the insider directly owned 767,810 shares in the company, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 249,188 shares of company stock worth $5,303,878. 6.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds have recently bought and sold shares of the company. Handelsbanken Fonder AB increased its stake in shares of Remitly Global by 29.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 57,500 shares of the financial services provider’s stock valued at $1,289,000 after purchasing an additional 13,200 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 677 shares in the last quarter. Empowered Funds LLC increased its holdings in Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 1,050 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Remitly Global by 124.2% during the first quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 8,609 shares in the last quarter. Finally, Essential Partners LLC increased its stake in shares of Remitly Global by 181.8% in the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after buying an additional 2,116 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.