Remitly Global (NASDAQ:RELY) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Remitly Global (NASDAQ:RELY) had its target price increased by analysts at Cantor Fitzgerald from $28.00 to $30.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 22.85% from the company’s current price.

Several other equities analysts have also weighed in on the company. Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research note on Thursday. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, KeyCorp boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $24.42 on Monday. The business has a fifty day simple moving average of $22.24 and a 200-day simple moving average of $19.12. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.15. The company has a market cap of $5.17 billion, a P/E ratio of 17.57 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same period last year, the company earned $0.03 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts expect that Remitly Global will post 0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the sale, the chief financial officer directly owned 988,004 shares in the company, valued at approximately $20,817,244.28. This trade represents a 2.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joshua Hug sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the transaction, the director directly owned 3,385,457 shares in the company, valued at $77,763,947.29. This trade represents a 0.49% 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 three months, insiders have sold 136,005 shares of company stock valued at $2,869,717. 6.53% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Large investors have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the first quarter valued at approximately $26,000. Torren Management LLC acquired a new position in shares of Remitly Global during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC boosted its stake in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the period. Finally, HighMark Wealth Management LLC acquired a new stake in Remitly Global during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.