Remitly Global (NASDAQ:RELY) Shares Up 3.4% – Still a Buy?

Remitly Global, Inc. (NASDAQ:RELY) rose 3.4% on Tuesday . The stock traded as high as $17.55 and last traded at $17.51. Approximately 1,080,011 shares changed hands during trading, a decline of 73% from the average daily volume of 3,940,899 shares. The stock had previously closed at $16.93.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Bank of America started coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price objective for the company. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Finally, Cantor Fitzgerald raised their price target on Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, February 19th. One 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 company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.78.

Remitly Global Stock Up 5.0%

The firm has a market cap of $3.74 billion, a P/E ratio of 57.32 and a beta of 0.06. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $14.06 and a 200-day moving average price of $15.22.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. On average, equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the sale, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the transaction, the director owned 32,576 shares in the company, valued at approximately $419,904.64. This trade represents a 12.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,500 shares of company stock valued at $179,455 over the last 90 days. 8.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Torren Management LLC purchased a new stake in Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC raised its position in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in Remitly Global during the 3rd quarter worth approximately $33,000. Finally, HighMark Wealth Management LLC acquired a new stake in Remitly Global during the 4th quarter valued at approximately $35,000. Hedge funds and other 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.