Zacks Research Downgrades Remitly Global (NASDAQ:RELY) to Hold

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

Several other brokerages have also recently issued reports on RELY. The Goldman Sachs Group lowered their price objective on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Monness Crespi & Hardt cut their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. JPMorgan Chase & Co. lowered their price objective on Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Finally, KeyCorp restated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average price target of $25.88.

Remitly Global Stock Up 1.1%

Shares of Remitly Global stock opened at $13.45 on Wednesday. The firm has a market cap of $2.81 billion, a PE ratio of 149.44 and a beta of 0.11. The business has a 50-day moving average price of $14.70 and a 200 day moving average price of $17.47. Remitly Global has a twelve month low of $12.08 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $413.73 million. During the same quarter in the prior year, the firm earned $0.01 EPS. The company’s revenue for the quarter was up 24.7% on a year-over-year basis. On average, sell-side analysts expect that Remitly Global will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ryno Blignaut sold 4,500 shares of the firm’s 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 sale, the director owned 41,576 shares of the company’s stock, valued at approximately $550,882. This trade represents a 9.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total transaction of $227,348.97. Following the completion of the transaction, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. The trade was a 0.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 76,442 shares of company stock valued at $1,098,702 in the last ninety days. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the stock. Elequin Capital LP acquired a new stake in shares of Remitly Global in the 1st quarter worth $30,000. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global in the 3rd quarter worth about $33,000. First Horizon Corp acquired a new position in Remitly Global during the third quarter worth about $36,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Remitly Global during the 1st quarter worth approximately $41,000. Finally, Quarry LP purchased a new stake in shares of Remitly Global in the third quarter valued at $42,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.