Remitly Global (NASDAQ:RELY) Upgraded at Zacks Research

Zacks Research upgraded shares of Remitly Global (NASDAQ:RELY) from a hold rating to a strong-buy rating in a research report report published on Thursday,Zacks reports.

Several other brokerages also recently issued reports on RELY. Weiss Ratings downgraded shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Remitly Global in a report on Monday, November 9th. Wolfe Research boosted their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Citizens Jmp upped their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, KeyCorp restated an “overweight” rating on shares of Remitly Global in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $27.78.

Remitly Global Price Performance

RELY stock traded down $0.24 during trading hours on Thursday, reaching $22.55. The stock had a trading volume of 2,284,339 shares, compared to its average volume of 3,297,140. The stock has a market capitalization of $4.83 billion, a PE ratio of 13.67 and a beta of 0.46. The stock has a 50-day simple moving average of $23.25 and a 200 day simple moving average of $20.93. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $28.00.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.15. The company had revenue of $509.84 million during the quarter, compared to the consensus estimate of $507.31 million. Remitly Global had a net margin of 19.14% and a return on equity of 35.56%. The company’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. On average, sell-side analysts forecast that Remitly Global will post 0.85 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vikas Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the sale, the chief financial officer owned 943,735 shares in the company, valued at $24,678,670.25. The trade was a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nigel Morris sold 6,300 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the sale, the director owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. This represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 113,800 shares of company stock valued at $2,936,302. Company insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RELY. Empowered Funds LLC lifted its holdings in shares of Remitly Global by 1.4% during the third quarter. Empowered Funds LLC now owns 37,989 shares of the financial services provider’s stock worth $811,000 after buying an additional 509 shares in the last quarter. Shannon River Fund Management LLC acquired a new position in shares of Remitly Global in the third quarter valued at about $16,004,000. Caxton Associates LLP acquired a new position in shares of Remitly Global in the third quarter valued at about $2,874,000. Bleakley Financial Group LLC grew its stake in shares of Remitly Global by 7.4% in the third quarter. Bleakley Financial Group LLC now owns 30,508 shares of the financial services provider’s stock valued at $651,000 after acquiring an additional 2,115 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Remitly Global by 28.2% during the third quarter. First Trust Advisors LP now owns 643,906 shares of the financial services provider’s stock worth $13,741,000 after acquiring an additional 141,461 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc. operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination. The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.