Remitly Global (NASDAQ:RELY) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Remitly Global (NASDAQ:RELY) to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on RELY. The Goldman Sachs Group reiterated a “buy” rating and issued a $17.00 target price on shares of Remitly Global in a report on Tuesday, January 6th. JPMorgan Chase & Co. reduced their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. Finally, Monness Crespi & Hardt cut their price objective on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $24.33.

Remitly Global Stock Performance

RELY opened at $13.41 on Tuesday. The company has a fifty day moving average price of $13.81 and a two-hundred day moving average price of $15.74. The firm has a market capitalization of $2.80 billion, a PE ratio of 149.00 and a beta of 0.11. Remitly Global has a 52 week low of $12.08 and a 52 week high of $27.32.

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

Insider Buying and Selling

In related news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction dated Wednesday, November 26th. The stock was 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 approximately $550,882. This trade represents a 9.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director owned 3,654,764 shares in the company, valued at $48,718,004.12. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 50,276 shares of company stock worth $673,109. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its stake in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 714 shares during the last quarter. Xponance Inc. grew its holdings in Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,060 shares during the period. AlphaQuest LLC increased its position in Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after buying an additional 1,115 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co increased its position in Remitly Global by 8.9% during the third quarter. Elo Mutual Pension Insurance Co now owns 14,518 shares of the financial services provider’s stock worth $237,000 after buying an additional 1,192 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

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.