Zacks Research Downgrades Remitly Global (NASDAQ:RELY) to Hold

Remitly Global (NASDAQ:RELY) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Bank of America started coverage on Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. Citizens Jmp lifted their price target on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group increased their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.67.

Remitly Global Stock Up 0.9%

Remitly Global stock traded up $0.19 during trading hours on Monday, hitting $20.99. The company had a trading volume of 860,628 shares, compared to its average volume of 3,662,283. The firm has a market capitalization of $4.42 billion, a P/E ratio of 67.63, a price-to-earnings-growth ratio of 0.73 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The firm’s fifty day moving average is $16.33 and its 200-day moving average is $14.92. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.70.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The company’s revenue was up 25.7% compared to the same quarter last year. On average, research analysts forecast that Remitly Global will post 0.51 earnings per share for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 10,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the insider directly owned 665,878 shares of the company’s stock, valued at $13,317,560. This represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the transaction, the chief financial officer directly owned 862,759 shares in the company, valued at $15,098,282.50. The trade was a 2.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,146,720 shares of company stock valued at $194,410,894. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the fourth quarter worth about $28,000. GAMMA Investing LLC lifted its position in shares of Remitly Global by 280.2% in the fourth 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 acquired a new stake in shares of Remitly Global in the third quarter worth about $33,000. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global News Summary

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target from $20 to $24 and assigned an “overweight” rating, signaling analyst confidence and roughly mid-teens upside vs. current levels. Cantor Fitzgerald price-target raise
• Positive Sentiment: Remitly’s recent quarterly results showed an EPS beat ($0.19 vs. $0.02 est.) and revenue above expectations ($442.2M vs. $427.3M), with revenue +25.7% year-over-year — fundamentals that support the bullish analyst moves. MarketBeat earnings recap
• Neutral Sentiment: Insider Pankaj Sharma sold 10,000 shares (avg $20.00) under a pre-arranged Rule 10b5‑1 plan; the filing shows he still holds 665,878 shares — sale appears planned, limiting immediate negative signal. InsiderTrades alert
• Neutral Sentiment: Director Phillip John Riese sold 40,000 shares at ~$20.04 (a ~24.6% reduction of his stake) via a Rule 10b5‑1 plan; the size is notable but also pre-planned. SEC Form 4
• Neutral Sentiment: Analyst consensus remains a “Buy” with an average target around $22.67, reflecting mixed but overall constructive analyst sentiment. MarketBeat analyst summary
• Negative Sentiment: Zacks Research downgraded Remitly from “strong-buy” to “hold,” which could moderate momentum from recent upgrades and weigh on shorter-term sentiment. Zacks downgrade

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.