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 on Monday, Zacks reports.

Several other analysts have also recently issued reports on RELY. Wolfe Research raised their target price on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Cantor Fitzgerald lifted their price objective on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. The Goldman Sachs Group upped their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.

Remitly Global Stock Performance

NASDAQ:RELY opened at $23.20 on Monday. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $27.48. The firm has a market cap of $4.91 billion, a PE ratio of 16.69 and a beta of 0.39. The business has a 50 day moving average price of $23.91 and a 200-day moving average price of $21.78.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same period in the prior year, the business posted $0.03 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Remitly Global will post 0.85 EPS for the current year.

Insider Transactions at Remitly Global

In related news, CFO Vikas Mehta sold 25,000 shares of Remitly Global 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 sale, the chief financial officer directly 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 transaction was disclosed in a document filed with the SEC, which is available through 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, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares in the company, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 473,238 shares of company stock worth $11,746,510. 6.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RELY. Summit Securities Group LLC bought a new position in shares of Remitly Global during the first quarter valued at approximately $26,000. IFP Advisors Inc grew its stake in shares of Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after buying an additional 527 shares during the last quarter. Nykredit A S bought a new position in Remitly Global during the 2nd quarter valued at approximately $40,000. GAMMA Investing LLC raised its stake in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after buying an additional 677 shares during the last quarter. Finally, Essential Partners LLC raised its stake in Remitly Global by 181.8% during the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after buying an additional 2,116 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.