Barclays Thinks Remitly Global’s Stock is Going to Recover

Barclays analyst Ramsey El Assal maintained a Buy rating on Remitly Global (RELYResearch Report) on March 4 and set a price target of $18.00. The company’s shares closed last Friday at $10.26, close to its 52-week low of $9.45.

According to, Assal is a 4-star analyst with an average return of 5.3% and a 51.1% success rate. Assal covers the Technology sector, focusing on stocks such as Automatic Data Processing, TELUS International (CDA), and Rackspace Technology.

Remitly Global has an analyst consensus of Strong Buy, with a price target consensus of $28.33, a 166.3% upside from current levels. In a report issued on March 3, JMP Securities also maintained a Buy rating on the stock with a $22.00 price target.

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Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RELY in relation to earlier this year.

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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.

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