Remitly Global (NASDAQ:RELY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Remitly Global (NASDAQ:RELY) from a buy rating to a strong-buy rating in a report published on Saturday morning.

RELY has been the subject of a number of other reports. The Goldman Sachs Group raised their target price on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. Bank of America initiated coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $22.78.

Remitly Global Stock Performance

NASDAQ:RELY opened at $16.30 on Friday. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.79. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The company has a 50 day moving average price of $13.85 and a 200 day moving average price of $15.32. The stock has a market capitalization of $3.43 billion, a P/E ratio of 52.58 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. The firm’s revenue was up 25.7% compared to the same quarter last year. Equities research analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In related news, Director Joshua Hug sold 40,776 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the completion of the transaction, the director owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the sale, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 57,776 shares of company stock valued at $782,624. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several institutional investors have recently added to or reduced their stakes in RELY. Virtu Financial LLC purchased a new position in Remitly Global in the fourth quarter valued at approximately $268,000. Corient Private Wealth LLC boosted its holdings in shares of Remitly Global by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after buying an additional 8,300 shares in the last quarter. Creek Drive Management Group LLC purchased a new position in shares of Remitly Global in the 4th quarter valued at $2,036,000. Mercer Global Advisors Inc. ADV raised its stake in Remitly Global by 102.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock worth $7,767,000 after acquiring an additional 284,713 shares in the last quarter. Finally, Vident Advisory LLC raised its stake in Remitly Global by 25.0% during the 4th quarter. Vident Advisory LLC now owns 86,038 shares of the financial services provider’s stock worth $1,187,000 after acquiring an additional 17,206 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.