Remitly Global (NASDAQ:RELY) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Remitly Global (NASDAQ:RELY) from a buy rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

RELY has been the topic of several other reports. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Weiss Ratings lowered shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 30th. Finally, Cantor Fitzgerald boosted their target price on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average price target of $27.78.

Remitly Global Stock Up 7.4%

Shares of RELY stock opened at $23.97 on Friday. Remitly Global has a twelve month low of $12.08 and a twelve month high of $28.00. The company has a market cap of $5.07 billion, a P/E ratio of 14.53 and a beta of 0.46. The business has a fifty day simple moving average of $23.54 and a 200 day simple moving average of $20.76.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.15. Remitly Global had a return on equity of 37.93% and a net margin of 19.14%. The business had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. During the same period last year, the firm posted $0.04 earnings per share. Remitly Global’s revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Remitly Global will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 21,000 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the sale, the insider directly owned 716,022 shares in the company, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This represents a 2.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 209,618 shares of company stock valued at $5,266,557. Company insiders own 6.53% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in RELY. IFP Advisors Inc increased its position in Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 527 shares during the period. Summit Securities Group LLC acquired a new position in shares of Remitly Global during the first quarter worth $26,000. Nykredit A S acquired a new position in shares of Remitly Global during the second quarter worth $40,000. GAMMA Investing LLC lifted its holdings in shares of Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 677 shares during the period. Finally, USA Financial Formulas acquired a new position in shares of Remitly Global during the third quarter worth $70,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

About Remitly Global

Remitly Global, Inc operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination.

The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.

Founded in 2011, Remitly is headquartered in Seattle, Washington.