The Goldman Sachs Group Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Remitly Global (NASDAQ:RELY) had its price objective upped by stock analysts at The Goldman Sachs Group from $23.00 to $26.00 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 suggests a potential upside of 8.97% from the company’s current price.

A number of other research firms have also weighed in on RELY. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.13.

Remitly Global Trading Down 1.2 %

Shares of NASDAQ RELY opened at $23.86 on Thursday. Remitly Global has a 12-month low of $11.60 and a 12-month high of $27.32. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -125.58 and a beta of 0.16. The firm has a 50 day moving average of $20.41 and a 200 day moving average of $21.36.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same period in the previous year, the business earned ($0.11) earnings per share. Remitly Global’s quarterly revenue was up 34.3% compared to the same quarter last year. Sell-side analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 37,718 shares of the business’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $21.05, for a total value of $793,963.90. Following the sale, the insider now directly owns 3,776,093 shares in the company, valued at $79,486,757.65. The trade was a 0.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,301 shares of company stock valued at $1,560,012. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Remitly Global by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock worth $311,109,000 after purchasing an additional 306,099 shares during the period. Baillie Gifford & Co. boosted its stake in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after buying an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC increased its position in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after acquiring an additional 49,281 shares during the period. Finally, Norges Bank bought a new stake in shares of Remitly Global in the 4th quarter worth about $66,169,000. 74.25% of the stock is owned by institutional investors.

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.