JMP Securities Maintains Market Outperform Rating for Remitly Global: Here's What You Need To Know

JMP Securities has decided to maintain its Market Outperform rating of Remitly Global RELY and lower its price target from $22.00 to $14.00.

Shares of Remitly Global are trading up 1.3% over the last 24 hours, at $8.56 per share.

A move to $14.00 would account for a 63.55% increase from the current share price.

About Remitly Global

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.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.