Remitly Global (NASDAQ:RELY) Stock Rating Upgraded by Cantor Fitzgerald

Remitly Global (NASDAQ:RELY) was upgraded by stock analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Remitly Global in a report on Tuesday, January 6th. Finally, Monness Crespi & Hardt reduced their price objective on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.33.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $13.61 on Tuesday. The business has a 50-day moving average of $13.79 and a 200-day moving average of $15.75. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 151.22 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.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 earnings per share. On average, sell-side analysts expect that Remitly Global will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In related news, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the transaction, the director directly owned 41,576 shares of the company’s stock, valued at approximately $550,882. This trade represents a 9.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the completion of the sale, the insider directly owned 220,830 shares of the company’s stock, valued at $3,312,450. This represents a 1.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 50,276 shares of company stock worth $673,109. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the period. Essex Investment Management Co. LLC acquired a new position in Remitly Global in the third quarter valued at about $33,000. First Horizon Corp bought a new stake in Remitly Global during the third quarter worth about $36,000. Quarry LP bought a new stake in Remitly Global during the third quarter worth about $42,000. Finally, Exchange Traded Concepts LLC grew its stake in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares in the last quarter. 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.