Monness Crespi & Hardt Lowers Remitly Global (NASDAQ:RELY) Price Target to $28.00

Remitly Global (NASDAQ:RELY) had its price target lowered by analysts at Monness Crespi & Hardt from $32.00 to $28.00 in a report issued on Thursday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the financial services provider’s stock. Monness Crespi & Hardt’s target price points to a potential upside of 120.30% from the stock’s current price.

RELY has been the subject of several other research reports. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. JMP Securities lowered their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th. KeyCorp restated an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.88.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $12.71 on Thursday. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 141.22 and a beta of 0.10. Remitly Global has a one year low of $12.16 and a one year high of $27.32. The firm has a fifty day moving average price of $16.70 and a two-hundred day moving average price of $18.62.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.20% and a net margin of 1.36%.The company had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. During the same quarter last year, the business posted $0.01 earnings per share. The firm’s revenue was up 24.7% compared to the same quarter last year. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Equities research analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total transaction of $98,550.00. Following the sale, the insider owned 186,926 shares in the company, valued at approximately $3,684,311.46. This trade represents a 2.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 93,943 shares of company stock worth $1,696,348 in the last ninety days. 7.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Inspire Investing LLC purchased a new stake in Remitly Global in the 2nd quarter worth approximately $769,000. Osterweis Capital Management Inc. purchased a new stake in shares of Remitly Global in the first quarter worth $7,566,000. Teacher Retirement System of Texas purchased a new stake in shares of Remitly Global in the first quarter worth $1,231,000. Intech Investment Management LLC raised its position in shares of Remitly Global by 53.0% during the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock valued at $1,931,000 after purchasing an additional 32,150 shares during the period. Finally, Ascent Group LLC purchased a new position in shares of Remitly Global during the 1st quarter valued at $304,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

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.