Remitly Global (NASDAQ:RELY) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Remitly Global (NASDAQ:RELY) from a buy rating to a hold rating in a research note issued to investors on Saturday.

RELY has been the topic of several other reports. Monness Crespi & Hardt lifted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. KeyCorp reaffirmed an “overweight” rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Finally, Barclays boosted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Remitly Global Stock Up 0.3%

Shares of NASDAQ RELY opened at $18.53 on Friday. Remitly Global has a 52 week low of $12.43 and a 52 week high of $27.32. The firm’s fifty day moving average is $18.15 and its 200 day moving average is $20.20. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 308.88 and a beta of 0.13.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm had revenue of $411.85 million during the quarter, compared to analysts’ expectations of $384.59 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. The firm’s quarterly revenue was up 34.4% compared to the same quarter last year. Equities research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 10,000 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $19.65, for a total transaction of $196,500.00. Following the transaction, the director directly owned 3,663,811 shares of the company’s stock, valued at approximately $71,993,886.15. The trade was a 0.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director directly owned 102,257 shares in the company, valued at approximately $2,079,907.38. The trade was a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,583 shares of company stock valued at $828,744 in the last 90 days. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

A number of hedge funds have recently modified their holdings of the business. Townsquare Capital LLC boosted its holdings in shares of Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock valued at $393,000 after buying an additional 459 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock valued at $237,000 after buying an additional 518 shares in the last quarter. Comerica Bank boosted its holdings in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after buying an additional 534 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Remitly Global by 40.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 1,282 shares in the last quarter. Institutional investors 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.