Remitly Global (NASDAQ:RELY) Rating Lowered to “Buy” at Wall Street Zen

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

A number of other analysts also recently issued reports on RELY. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Citizens Jmp raised their target price on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. JPMorgan Chase & Co. dropped their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.78.

Remitly Global Stock Performance

Remitly Global stock opened at $15.01 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The stock has a market cap of $3.16 billion, a P/E ratio of 48.42, a PEG ratio of 0.53 and a beta of 0.06. The firm’s fifty day moving average price is $15.00 and its 200-day moving average price is $14.84.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. The company 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%.The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. Equities research analysts forecast that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Joshua Hug sold 29,049 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the transaction, the director directly owned 3,575,733 shares in the company, valued at approximately $64,291,679.34. This represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total value of $58,005.00. Following the transaction, the director directly owned 32,576 shares in the company, valued at approximately $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 12,073,290 shares of company stock worth $193,019,269. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. grew its holdings in shares of Remitly Global by 48.2% during 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 purchasing an additional 3,790,210 shares during the last quarter. Marshall Wace LLP lifted its stake in Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Remitly Global by 86.0% during the third 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. ArrowMark Colorado Holdings LLC boosted its position in Remitly Global by 46.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after buying an additional 1,748,576 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after buying an additional 67,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.