Remitly Global (NASDAQ:RELY) Cut to Hold at Zacks Research

Zacks Research cut shares of Remitly Global (NASDAQ:RELY) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks reports.

Several other brokerages also recently issued reports on RELY. Cantor Fitzgerald upped their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group increased their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.78.

Remitly Global Price Performance

RELY opened at $22.93 on Monday. The stock has a 50-day moving average price of $23.90 and a 200-day moving average price of $21.83. The firm has a market cap of $4.85 billion, a PE ratio of 16.50 and a beta of 0.39. Remitly Global has a 1 year low of $12.08 and a 1 year high of $27.48.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the previous year, the business posted $0.03 EPS. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Remitly Global will post 0.85 EPS for the current year.

Insider Activity at Remitly Global

In other news, CFO Vikas Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. The trade was a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Pankaj Sharma sold 21,000 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 473,238 shares of company stock valued at $11,746,510 over the last ninety days. Company insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of RELY. Private Client Services LLC purchased a new position in shares of Remitly Global in the 3rd quarter worth $766,000. IFP Advisors Inc increased its position in Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Remitly Global during the second quarter valued at $6,282,000. Baird Financial Group Inc. bought a new position in Remitly Global in the second quarter valued at about $240,000. Finally, Allworth Financial LP lifted its holdings in Remitly Global by 12.5% in the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 540 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.