Remitly Global (NASDAQ:RELY) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Remitly Global (NASDAQ:RELY) from a buy rating to a hold rating in a report released on Saturday.

RELY has been the subject of a number of other reports. Monness Crespi & Hardt boosted their target price on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. KeyCorp reissued 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. Barclays boosted their target price on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $19.00 on Friday. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a market cap of $3.92 billion, a PE ratio of 316.72 and a beta of 0.12. The business has a fifty day simple moving average of $18.56 and a 200 day simple moving average of $20.81.

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

Insider Activity at Remitly Global

In other news, Director Joshua Hug sold 60,777 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94. Following the completion of the transaction, the director directly owned 3,733,811 shares of the company’s stock, valued at $79,231,469.42. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the transaction, the director directly owned 102,257 shares of the company’s stock, valued at $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,041,833 shares of company stock valued at $275,390,023 over the last ninety days. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Alliancebernstein L.P. raised its holdings in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after acquiring an additional 4,037,151 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in Remitly Global during the first quarter worth about $32,731,000. Nuveen LLC bought a new stake in Remitly Global during the first quarter worth about $32,703,000. Price T Rowe Associates Inc. MD raised its holdings in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after acquiring an additional 1,276,991 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after acquiring an additional 1,220,806 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.