Wells Fargo Raises Price Target for Remitly Global (NASDAQ:RELY) to $25.00

Wells Fargo & Company has recently updated its price target for shares of Remitly Global (NASDAQ:RELY) from $21.00 to $25.00, as reported in a research note released on Thursday. The firm continues to maintain an "equal weight" rating on the stock, meaning it sees the company as performing on par with the market.

This new target implies a potential downside of 3.51% based on Remitly Global's current trading price. The adjustment reflects analysts' perspectives on the company’s future performance, particularly in the financial services sector.

Analysts' Insights

In addition to Wells Fargo, other analysts have also weighed in on Remitly Global recently. KeyCorp announced an increase in their price target from $20.00 to $21.00 while assigning an "overweight" rating. Barclays, on the other hand, raised their target from $23.00 to $28.00, also giving the stock an "overweight" rating.

Furthermore, JMP Securities has lifted their target from $22.00 to $25.00, indicating they see the company as potentially outperforming the market. Overall, there is a mixed consensus surrounding the stock, with one analyst maintaining a hold rating and eight others assigning a buy rating. Current MarketBeat data shows an average rating of "Moderate Buy" for the stock, with a consensus target price of $24.25.

Current Stock Performance

As of Thursday, shares of Remitly Global opened at $25.91. Over the past year, the stock has experienced significant volatility, trading as low as $11.60 and reaching a high of $27.32. The company's fifty-day moving average stands at $23.49, while the two-hundred-day moving average is $18.55. The firm currently boasts a market capitalization of approximately $5.13 billion, along with a price-to-earnings ratio of -74.03.

Recent Earnings Report

Remitly Global's most recent earnings report was released on February 19, where the company reported earnings of ($0.03) per share. This result was better than the analysts' consensus expectation of ($0.07) per share, reflecting a positive trend in the company's financial health.

Despite this, Remitly Global continues to show negative metrics, with a net margin of -5.63% and a return on equity of -11.58%. Analysts predict the company could post an earnings per share (EPS) of -0.23 for the current year.

Insider Trades and Investor Sentiment

In insider trading news, CEO Matthew B. Oppenheimer sold 14,583 shares on February 5 for an average price of $25.21, netting about $367,637 from this transaction. After this sale, he retains ownership of approximately 4.36 million shares. Insiders have collectively sold 65,947 shares valued at $1,467,012 over the last quarter, owning around 8.10% of the company’s stock.

Institutional Investor Activity

Various institutional investors have also adjusted their stakes in Remitly Global recently. For example, Comerica Bank increased its holdings by 2.1% in the last quarter, now owning 25,583 shares valued at about $577,000. Similarly, XTX Topco Ltd and Claro Advisors LLC have made incremental increases in their shareholdings as well.

Overall, institutional investors control 74.25% of the stock, indicating significant institutional confidence in Remitly Global's future prospects.

About Remitly Global

Founded in 2011 and headquartered in Seattle, Washington, Remitly Global, Inc. specializes in providing digital financial services, primarily focusing on cross-border remittance services for immigrants and their families in approximately 170 countries.

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