Remitly Global (NASDAQ:RELY) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of Remitly Global (NASDAQ:RELY) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on RELY. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Remitly Global in a research report on Friday, November 28th. JMP Securities dropped their price target on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Finally, KeyCorp reissued an “overweight” rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.88.

Remitly Global Trading Up 1.1%

RELY stock opened at $13.45 on Wednesday. The stock has a market cap of $2.81 billion, a P/E ratio of 149.44 and a beta of 0.11. The stock’s fifty day simple moving average is $14.70 and its two-hundred day simple moving average is $17.47. Remitly Global has a 1-year low of $12.08 and a 1-year high of $27.32.

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

Insider Activity

In related news, Director Joshua Hug sold 40,776 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the completion of the sale, the director directly owned 3,654,764 shares in the company, valued at $48,718,004.12. This represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total value of $59,625.00. Following the transaction, the director owned 41,576 shares in the company, valued at approximately $550,882. The trade was a 9.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 76,442 shares of company stock valued at $1,098,702. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of RELY. CIBC Bancorp USA Inc. bought a new position in Remitly Global in the third quarter worth about $290,000. Coldstream Capital Management Inc. grew its holdings in shares of Remitly Global by 77.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 28,099 shares of the financial services provider’s stock worth $458,000 after acquiring an additional 12,299 shares during the period. Oberweis Asset Management Inc. grew its holdings in shares of Remitly Global by 68.7% during the 3rd quarter. Oberweis Asset Management Inc. now owns 1,002,800 shares of the financial services provider’s stock worth $16,346,000 after acquiring an additional 408,300 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Remitly Global by 13.8% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 41,102 shares of the financial services provider’s stock worth $678,000 after acquiring an additional 4,978 shares in the last quarter. Finally, PharVision Advisers LLC purchased a new position in shares of Remitly Global in the 3rd quarter valued at approximately $259,000. Hedge funds and other 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.