Remitly Global (NASDAQ:RELY) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Remitly Global (NASDAQ:RELY) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other equities analysts have also recently commented on RELY. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. KeyCorp lifted their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday. Citizens Jmp lifted their target price on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Finally, Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.67.

Remitly Global Price Performance

NASDAQ RELY traded up $0.11 during trading on Monday, hitting $20.91. 753,556 shares of the stock traded hands, compared to its average volume of 3,660,055. The company has a market capitalization of $4.40 billion, a P/E ratio of 67.57, a price-to-earnings-growth ratio of 0.73 and a beta of 0.09. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $16.33 and a 200-day simple moving average of $14.92. Remitly Global has a 12-month low of $12.08 and a 12-month high of $24.70.

Remitly Global (NASDAQ:RELY) last announced its 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. The firm had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) EPS. As a group, analysts predict that Remitly Global will post 0.51 EPS for the current year.

Insider Activity at Remitly Global

In related news, Director Joshua Hug sold 29,049 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the completion of the transaction, the director owned 3,575,733 shares in the company, valued at $64,291,679.34. The trade was a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ltd Naspers sold 12,000,000 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. The trade was a 47.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,146,720 shares of company stock worth $194,410,894 over the last quarter. 8.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

Large investors have recently bought and sold shares of the business. Torren Management LLC purchased a new position in Remitly Global during the 4th quarter valued at $25,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the 4th quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in 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 purchased a new position in Remitly Global during the 3rd quarter valued at $33,000. Finally, HighMark Wealth Management LLC purchased a new position in Remitly Global during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global News Roundup

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target from $20 to $24 and assigned an “overweight” rating, signaling analyst confidence and roughly mid-teens upside vs. current levels. Cantor Fitzgerald price-target raise
• Positive Sentiment: Remitly’s recent quarterly results showed an EPS beat ($0.19 vs. $0.02 est.) and revenue above expectations ($442.2M vs. $427.3M), with revenue +25.7% year-over-year — fundamentals that support the bullish analyst moves. MarketBeat earnings recap
• Neutral Sentiment: Insider Pankaj Sharma sold 10,000 shares (avg $20.00) under a pre-arranged Rule 10b5‑1 plan; the filing shows he still holds 665,878 shares — sale appears planned, limiting immediate negative signal. InsiderTrades alert
• Neutral Sentiment: Director Phillip John Riese sold 40,000 shares at ~$20.04 (a ~24.6% reduction of his stake) via a Rule 10b5‑1 plan; the size is notable but also pre-planned. SEC Form 4
• Neutral Sentiment: Analyst consensus remains a “Buy” with an average target around $22.67, reflecting mixed but overall constructive analyst sentiment. MarketBeat analyst summary
• Negative Sentiment: Zacks Research downgraded Remitly from “strong-buy” to “hold,” which could moderate momentum from recent upgrades and weigh on shorter-term sentiment. Zacks downgrade

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.