Monness Crespi & Hardt Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price target boosted by investment analysts at Monness Crespi & Hardt from $30.00 to $33.00 in a research note issued on Thursday, MarketBeat.com reports. The firm currently has a “buy” rating on the financial services provider’s stock. Monness Crespi & Hardt’s price target indicates a potential upside of 37.45% from the company’s current price.

Several other equities research analysts have also issued reports on RELY. KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group raised their target price on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Bank of America initiated coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 target price for the company. Freedom Capital raised Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Finally, Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average target price of $24.44.

Remitly Global Trading Up 5.3%

NASDAQ RELY opened at $24.01 on Thursday. The firm has a market capitalization of $5.06 billion, a P/E ratio of 49.00, a PEG ratio of 0.80 and a beta of 0.40. The business has a fifty day simple moving average of $17.82 and a 200 day simple moving average of $15.37. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.70. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 13.28% and a net margin of 6.12%.The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same period in the prior year, the firm posted $0.05 EPS. Remitly Global’s quarterly revenue was up 25.2% compared to the same quarter last year. On average, analysts predict that Remitly Global will post 0.51 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other news, Director Phillip John Riese sold 40,000 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total transaction of $801,600.00. Following the completion of the transaction, the director owned 122,496 shares in the company, valued at approximately $2,454,819.84. This represents a 24.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 10,000 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the insider owned 665,878 shares of the company’s stock, valued at $13,317,560. The trade was a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,163,520 shares of company stock worth $194,773,102 in the last three months. Corporate insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RELY. California State Teachers Retirement System boosted its stake in Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the period. Main Management ETF Advisors LLC boosted its stake in Remitly Global by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after purchasing an additional 984 shares during the period. Xponance Inc. boosted its stake in Remitly Global by 8.7% in the 3rd quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares during the period. AlphaQuest LLC boosted its stake in Remitly Global by 34.4% in the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares during the period. Finally, New York State Teachers Retirement System boosted its stake in Remitly Global by 8.4% in the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 1,184 shares during the period. Institutional investors 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.