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

Zacks Research cut shares of Remitly Global (NASDAQ:RELY) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks reports.

A number of other equities analysts have also recently issued reports on the stock. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. One equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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 issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $486.25 million. During the same period in the previous year, the firm earned $0.03 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts predict that Remitly Global will post 0.85 EPS for the current year.

Insider Activity at Remitly Global

In other news, CFO Vikas Mehta sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the sale, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This trade represents a 2.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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, Director Phillip Riese sold 160,182 shares of Remitly Global stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director directly owned 361,094 shares in the company, valued at $9,005,684.36. The trade was a 30.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 473,238 shares of company stock valued at $11,746,510 over the last quarter. Company insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Remitly Global in the 2nd quarter valued at approximately $410,752,000. Bank of America Corp DE grew its stake in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. Generation Investment Management LLP bought a new position in Remitly Global in the second quarter worth $109,637,000. Dimensional Fund Advisors LP lifted its position in Remitly Global by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock valued at $49,142,000 after buying an additional 350,595 shares during the period. Finally, Azora Capital LP lifted its position in Remitly Global by 50.4% during the fourth quarter. Azora Capital LP now owns 2,879,568 shares of the financial services provider’s stock valued at $39,738,000 after buying an additional 964,656 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.