Remitly Global (NASDAQ:RELY) Cut to Buy at Wall Street Zen

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

Several other analysts have also recently weighed in on RELY. JPMorgan Chase & Co. lowered their price target on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Bank of America started coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $22.78.

Remitly Global Stock Up 2.1%

RELY opened at $15.32 on Friday. The company has a fifty day moving average price of $15.03 and a 200-day moving average price of $14.82. The firm has a market capitalization of $3.23 billion, a P/E ratio of 49.42, a price-to-earnings-growth 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 one year low of $12.08 and a one year high of $24.70.

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

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the sale, the insider owned 215,830 shares of the company’s stock, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Hug sold 29,049 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02. Following the transaction, the director directly owned 3,575,733 shares in the company, valued at approximately $64,291,679.34. This represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,073,290 shares of company stock worth $193,019,269 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the business. Creek Drive Management Group LLC bought a new position in shares of Remitly Global during the fourth quarter valued at about $2,036,000. PEAK6 LLC boosted its holdings in Remitly Global by 260.0% during the 4th quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 76,258 shares during the period. Corient Private Wealth LLC boosted its holdings in Remitly Global by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after acquiring an additional 8,300 shares during the period. Virtu Financial LLC bought a new position in Remitly Global during the 4th quarter worth approximately $268,000. Finally, Mercer Global Advisors Inc. ADV grew its position in Remitly Global by 102.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock worth $7,767,000 after acquiring an additional 284,713 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other 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.