Remitly Global (NASDAQ:RELY) Rating Lowered to “Hold” at Zacks Research

Remitly Global (NASDAQ:RELY) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently commented on RELY. KeyCorp reiterated an “overweight” rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. The Goldman Sachs Group cut their price target on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. JMP Securities reduced their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, September 15th. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus price target of $25.88.

Remitly Global Trading Up 1.1%

RELY stock opened at $13.45 on Wednesday. The stock has a market cap of $2.81 billion, a P/E ratio of 149.44 and a beta of 0.11. Remitly Global has a twelve month low of $12.08 and a twelve month high of $27.32. The company’s 50 day moving average is $14.70 and its two-hundred day moving average is $17.47.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. During the same period last year, the firm posted $0.01 EPS. The company’s revenue was up 24.7% on a year-over-year basis. On average, equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction on Monday, December 1st. The shares were sold at an average price of $13.33, for a total value of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares in the company, valued at $48,718,004.12. This trade represents a 1.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the transaction, the director directly owned 41,576 shares in the company, valued at $550,882. This represents a 9.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 76,442 shares of company stock worth $1,098,702. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Elequin Capital LP acquired a new stake in shares of Remitly Global in the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Remitly Global during the first quarter worth $41,000. Essex Investment Management Co. LLC purchased a new position in shares of Remitly Global in the third quarter valued at $33,000. First Horizon Corp purchased a new position in shares of Remitly Global in the third quarter valued at $36,000. Finally, Quarry LP acquired a new stake in Remitly Global during the 3rd quarter valued at $42,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.