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JMP Securities Thinks Remitly Global’s Stock is Going to Recover

JMP Securities analyst David Scharf maintained a Buy rating on Remitly Global (RELYResearch Report) today and set a price target of $22.00. The company’s shares closed last Thursday at $10.39, close to its 52-week low of $7.93.

According to TipRanks.com, Scharf is a 5-star analyst with an average return of 16.3% and a 54.1% success rate. Scharf covers the Financial sector, focusing on stocks such as International Money Express, Enova International, and Regional Management.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Remitly Global with a $21.60 average price target.

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The company has a one-year high of $53.65 and a one-year low of $7.93. Currently, Remitly Global has an average volume of 941.4K.

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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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