In a report released yesterday, Ramsey El Assal from Barclays maintained a Buy rating on Remitly Global (RELY – Research Report), with a price target of $21.00. The company’s shares closed yesterday at $17.69.
According to TipRanks, El Assal is a 4-star analyst with an average return of 2.1% and a 52.62% success rate. El Assal covers the Technology sector, focusing on stocks such as Cognizant, FLEETCOR Technologies, and Affirm Holdings.
Currently, the analyst consensus on Remitly Global is a Moderate Buy with an average price target of $25.40, implying a 43.58% upside from current levels. In a report released today, JMP Securities also maintained a Buy rating on the stock with a $32.00 price target.
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Based on Remitly Global’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $241.63 million and a GAAP net loss of $35.66 million. In comparison, last year the company earned a revenue of $169.26 million and had a GAAP net loss of $33.07 million
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RELY in relation to earlier this year.
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Remitly Global (RELY) Company Description:
Remitly Global Inc provides integrated financial services to immigrants, including helping customers send money internationally in a quick, reliable, and more cost-effective manner by leveraging digital channels. It supports cross-border transmissions across the globe. Its revenue is generated on transaction fees charged to customers and foreign exchange spreads between the foreign exchange rate offered to customers and the foreign exchange rate on the company’s currency purchases.
Read More on RELY:
- Remitly Global Shares Investor Insight Presentation
- Remitly Reports Fourth Quarter and Full Year 2023 Results
- UPDATE — Remitly to Report Fourth Quarter and Full Year 2023 Financial Results on Wednesday, February 21, 2024
- Remitly to Report Fourth Quarter and Full Year 2023 Financial Results on Wednesday, February 21, 2024
- Citi opens ‘positive catalyst watch’ Remitly Global into Q4 report
