Remitly Global (NASDAQ:RELY) Upgraded at Zacks Research

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

A number of other research analysts also recently weighed in on RELY. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Monness Crespi & Hardt lowered their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. dropped their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $17.00 price target on shares of Remitly Global in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.25.

Remitly Global Price Performance

RELY stock opened at $14.28 on Tuesday. The stock has a market capitalization of $2.99 billion, a P/E ratio of 158.67 and a beta of 0.11. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $27.32. The business has a 50-day moving average of $13.68 and a 200-day moving average of $15.89.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. During the same quarter last year, the firm earned $0.01 EPS. Remitly Global’s revenue for the quarter was up 24.7% compared to the same quarter last year. Equities analysts expect that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling

In other news, Director Ryno Blignaut sold 4,500 shares of the business’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 transaction of $59,625.00. Following the completion of the sale, the director owned 41,576 shares in the company, valued at $550,882. The trade was a 9.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $13.33, for a total value of $543,544.08. Following the completion of the transaction, the director directly owned 3,654,764 shares in the company, valued at $48,718,004.12. The trade was a 1.10% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 50,276 shares of company stock valued at $673,109. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bank of Montreal Can raised its holdings in Remitly Global by 28.5% in the 2nd quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after acquiring an additional 72,689 shares in the last quarter. Norges Bank acquired a new stake in shares of Remitly Global during the 2nd quarter worth $36,619,000. Inspire Investing LLC bought a new position in shares of Remitly Global in the second quarter worth $769,000. Geode Capital Management LLC raised its stake in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after purchasing an additional 129,706 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Remitly Global in the second quarter valued at about $425,000. 74.25% of the stock is owned by institutional investors.

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.