Remitly Global (NASDAQ:RELY) Stock Rating Lowered by Wall Street Zen

Remitly Global (NASDAQ:RELY) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

Several other research analysts have also recently commented on RELY. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. The Goldman Sachs Group upped their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. 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. Oppenheimer set a $20.00 price target on Remitly Global in a research report on Thursday, February 19th. Finally, Cantor Fitzgerald increased their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $22.78.

Remitly Global Stock Down 6.1%

Remitly Global stock opened at $15.01 on Friday. The company has a market cap of $3.16 billion, a P/E ratio of 48.42, a price-to-earnings-growth ratio of 0.57 and a beta of 0.06. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70. The company has a fifty day simple moving average of $15.00 and a 200 day simple moving average of $14.91. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

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

Insiders Place Their Bets

In related news, insider Ankur Sinha sold 9,741 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider directly owned 1,180,119 shares in the company, valued at approximately $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the transaction, the chief financial officer owned 862,759 shares in the company, valued at approximately $15,098,282.50. This trade represents a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,073,290 shares of company stock valued at $193,019,269 in the last quarter. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Torren Management LLC acquired a new stake in Remitly Global during the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. GAMMA Investing LLC lifted its holdings 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 worth $30,000 after acquiring an additional 1,628 shares during the period. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global during the 3rd quarter worth approximately $33,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds 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.