Remitly Global (NASDAQ:RELY) Stock Rating Raised to “Strong-Buy” at Zacks Research

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

Other research analysts have also recently issued reports about the company. Citizens Jmp upped their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Weiss Ratings cut shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 30th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp reiterated an “overweight” rating on shares of Remitly Global in a research note on Tuesday. Finally, Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global has an average rating of “Buy” and a consensus price target of $27.78.

Remitly Global Stock Down 1.1%

NASDAQ RELY traded down $0.24 on Thursday, hitting $22.55. 2,284,339 shares of the stock were exchanged, compared to its average volume of 3,297,140. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $28.00. The company has a 50-day moving average price of $23.25 and a 200-day moving average price of $20.93. The company has a market cap of $4.83 billion, a PE ratio of 13.67 and a beta of 0.46.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.15. The business had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. Remitly Global had a net margin of 19.14% and a return on equity of 35.56%. The company’s revenue was up 21.5% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. As a group, equities research analysts predict that Remitly Global will post 0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were 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. This represents a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider directly owned 716,022 shares in the company, valued at $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 113,800 shares of company stock valued at $2,936,302. 6.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Remitly Global during the 2nd quarter valued at approximately $410,752,000. Bank of America Corp DE grew its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Generation Investment Management LLP purchased a new position in shares of Remitly Global in the 2nd quarter valued at approximately $109,637,000. Dimensional Fund Advisors LP grew its stake in shares of Remitly Global by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock valued at $49,142,000 after purchasing an additional 350,595 shares during the last quarter. Finally, Lead Edge Capital Management LLC acquired a new position in shares of Remitly Global in the second quarter valued at approximately $60,232,971. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.