Remitly Global (NASDAQ:RELY) Upgraded by Cantor Fitzgerald to “Strong-Buy” Rating

Cantor Fitzgerald upgraded shares of Remitly Global (NASDAQ:RELY) to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. The Goldman Sachs Group reiterated a “buy” rating and set a $17.00 price target on shares of Remitly Global in a research note on Tuesday, January 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $24.33.

Remitly Global Stock Performance

NASDAQ RELY traded up $0.04 during trading on Tuesday, reaching $13.88. The company’s stock had a trading volume of 468,393 shares, compared to its average volume of 2,772,494. The business’s fifty day moving average price is $13.77 and its 200-day moving average price is $15.77. Remitly Global has a twelve month low of $12.08 and a twelve month high of $27.32. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 154.17 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The firm had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. As a group, sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,776 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the completion of the transaction, the director directly owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. This trade represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the sale, the director directly owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 50,276 shares of company stock valued at $673,109 in the last 90 days. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can boosted its position in shares of Remitly Global by 28.5% in the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock worth $6,156,000 after acquiring an additional 72,689 shares during the last quarter. Norges Bank acquired a new position in shares of Remitly Global during the 2nd quarter valued at $36,619,000. Inspire Investing LLC acquired a new position in shares of Remitly Global during the second quarter worth about $769,000. Geode Capital Management LLC lifted its position in Remitly Global by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after acquiring an additional 129,706 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Remitly Global during the second quarter worth $425,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.