Remitly Global (NASDAQ:RELY) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen cut shares of Remitly Global (NASDAQ:RELY) from a strong-buy rating to a buy rating in a research note published on Saturday morning.

Other analysts have also issued reports about the company. Bank of America began coverage on Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. decreased their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Oppenheimer set a $20.00 price objective on Remitly Global in a research note on Thursday, February 19th. Finally, Citizens Jmp upped their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.78.

Remitly Global Stock Performance

NASDAQ RELY opened at $15.01 on Friday. The company has a fifty day moving average price of $15.00 and a 200-day moving average price of $14.87. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 48.42, a PEG ratio of 0.53 and a beta of 0.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global has a 1 year low of $12.08 and a 1 year high of $24.70.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) earnings per share. As a group, equities research analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the sale, the chief financial officer owned 862,759 shares of the company’s stock, valued at $15,098,282.50. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the sale, the insider directly owned 215,830 shares in the company, valued at $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 12,073,290 shares of company stock valued at $193,019,269. 7.50% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings in Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the period. Marshall Wace LLP lifted its position in Remitly Global by 74.4% in the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the last quarter. Norges Bank purchased a new stake in shares of Remitly Global during the second quarter valued at approximately $36,619,000. Finally, Azora Capital LP bought a new position in shares of Remitly Global in the third quarter worth approximately $31,213,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.