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

Remitly Global (NASDAQ:RELY) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

RELY has been the topic of a number of other research reports. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Citizens Jmp lifted their price target 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. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research report on Thursday, February 19th. Finally, The Goldman Sachs Group boosted their target price 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 assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.78.

Remitly Global Trading Down 6.1%

Shares of RELY stock opened at $15.01 on Friday. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The stock’s fifty day moving average price is $15.00 and its two-hundred day moving average price is $14.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The company has a market cap of $3.16 billion, a PE ratio of 48.42, a P/E/G ratio of 0.57 and a beta of 0.06.

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

Insider Activity at Remitly Global

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

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Remitly Global in the second quarter valued at $36,619,000. LB Partners LLC lifted its holdings in Remitly Global by 60.4% during the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after buying an additional 382,314 shares during the period. Renaissance Group LLC grew its position in shares of Remitly Global by 52.0% in the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after buying an additional 169,271 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Remitly Global by 91.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 290,460 shares of the financial services provider’s stock valued at $5,452,000 after buying an additional 138,755 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Remitly Global by 5.1% in the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock valued at $34,862,000 after buying an additional 104,716 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.