Remitly Global (NASDAQ:RELY) Raised to “Buy” at Wall Street Zen

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

Other research analysts have also issued reports about the company. Barclays boosted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. The Goldman Sachs Group upped their target price on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Remitly Global Trading Down 5.1%

RELY opened at $18.85 on Friday. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 314.22 and a beta of 0.12. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a fifty day moving average price of $18.42 and a 200-day moving average price of $20.66.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The company’s revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) earnings per share. On average, equities research analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 60,777 shares of the business’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94. Following the sale, the director owned 3,733,811 shares in the company, valued at approximately $79,231,469.42. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the sale, the director owned 102,257 shares in the company, valued at approximately $2,079,907.38. The trade was a 4.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,250 shares of company stock worth $2,623,250 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several large investors have recently added to or reduced their stakes in the company. State of Wyoming grew its stake in Remitly Global by 167.0% during the 2nd quarter. State of Wyoming now owns 40,510 shares of the financial services provider’s stock valued at $760,000 after purchasing an additional 25,336 shares during the last quarter. Liontrust Investment Partners LLP purchased a new stake in Remitly Global during the 2nd quarter valued at about $967,000. Caxton Associates LLP grew its stake in Remitly Global by 27.3% during the 2nd quarter. Caxton Associates LLP now owns 13,330 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 2,859 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Remitly Global during the 2nd quarter valued at about $591,000. Finally, Tower Research Capital LLC TRC grew its stake in Remitly Global by 83.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 27,861 shares of the financial services provider’s stock valued at $523,000 after purchasing an additional 12,684 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.