Remitly Global (NASDAQ:RELY) Stock Rating Lowered by Zacks Research

Remitly Global (NASDAQ:RELY) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also issued reports on RELY. KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Oppenheimer set a $20.00 price target on Remitly Global in a report on Thursday, February 19th. Cantor Fitzgerald increased their price target on Remitly Global from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $22.67.

Remitly Global Stock Up 0.8%

Shares of NASDAQ:RELY opened at $20.80 on Monday. The firm has a market cap of $4.38 billion, a P/E ratio of 67.10, a P/E/G ratio of 0.73 and a beta of 0.09. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global has a 12-month low of $12.08 and a 12-month high of $24.70. The business has a fifty day simple moving average of $16.33 and a 200 day simple moving average of $14.92.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.Remitly Global’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period last year, the company earned ($0.03) EPS. Analysts predict that Remitly Global will post 0.51 earnings per share for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 10,000 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the sale, the insider directly owned 665,878 shares in the company, valued at approximately $13,317,560. This trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 12,000 shares of the stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $17.88, for a total value of $214,560.00. Following the sale, the director owned 3,562,303 shares of the company’s stock, valued at approximately $63,693,977.64. The trade was a 0.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 12,146,720 shares of company stock worth $194,410,894. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Several large investors have recently made changes to their positions in RELY. Baillie Gifford & Co. grew its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the period. Marshall Wace LLP grew its stake in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares during the period. Azora Capital LP acquired a new stake in shares of Remitly Global in the 3rd quarter valued at about $31,213,000. Finally, Capital International Investors acquired a new stake in shares of Remitly Global in the 4th quarter valued at about $24,328,000. 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.