Fintel reports that on October 31, 2024, Wells Fargo upgraded their outlook for Remitly Global (NasdaqGS:RELY) from Underweight to Equal-Weight.
Analyst Price Forecast Suggests 17.01% Upside
As of October 22, 2024, the average one-year price target for Remitly Global is $21.04/share. The forecasts range from a low of $13.13 to a high of $31.50. The average price target represents an increase of 17.01% from its latest reported closing price of $17.98 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Remitly Global is 1,092MM, a decrease of 7.21%. The projected annual non-GAAP EPS is -0.42.
What is the Fund Sentiment?
There are 414 funds or institutions reporting positions in Remitly Global. This is an decrease of 6 owner(s) or 1.43% in the last quarter. Average portfolio weight of all funds dedicated to RELY is 0.29%, an increase of 15.78%. Total shares owned by institutions increased in the last three months by 7.40% to 178,098K shares. 
The put/call ratio of RELY is 0.59, indicating a bullish outlook.
What are Other Shareholders Doing?
Naspers holds 37,342K shares representing 19.14% ownership of the company. No change in the last quarter.
Baillie Gifford holds 10,170K shares representing 5.21% ownership of the company. In its prior filing, the firm reported owning 10,587K shares , representing a decrease of 4.10%. The firm decreased its portfolio allocation in RELY by 78.12% over the last quarter.
Cadian Capital Management holds 9,681K shares representing 4.96% ownership of the company. In its prior filing, the firm reported owning 6,466K shares , representing an increase of 33.21%. The firm increased its portfolio allocation in RELY by 22.41% over the last quarter.
Generation Investment Management Llp holds 7,692K shares representing 3.94% ownership of the company. No change in the last quarter.
Jpmorgan Chase holds 6,124K shares representing 3.14% ownership of the company. In its prior filing, the firm reported owning 9,897K shares , representing a decrease of 61.62%. The firm decreased its portfolio allocation in RELY by 94.50% over the last quarter.
Remitly Global Background Information
(This description is provided by the company.)
Remitly is a leading digital financial services provider for immigrants and their families in over 135 countries around the world. Its vision is to transform the lives of immigrants and their families by providing the most trusted financial services on the planet. Through its cross-border remittances, Remitly helps immigrants ??send money home in a safe, reliable, and transparent manner via its digitally-native app, which eliminates the long wait times, complexities and fees typical of traditional remittance processes. Passbook by Remitly, a money management app specifically designed for immigrants in the United States, eliminates fees and other common barriers to storing, spending, and sending money. Remitly for Developers allows companies to offer locally relevant payout options to customers with a simple API integration. Remitly is headquartered in Seattle and has offices around the world, including London, Kraków, Manila and Managua.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
