Remitly Global (NASDAQ:RELY) Stock Moved Up to “Strong-Buy” by Zacks Research

Remitly Global (NASDAQ:RELY) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other equities analysts have also recently issued reports on RELY. Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Citizens Jmp boosted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Remitly Global in a research note on Monday, November 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $27.78.

Remitly Global Stock Performance

Shares of RELY traded down $0.24 during trading hours on Thursday, reaching $22.55. The stock had a trading volume of 2,284,339 shares, compared to its average volume of 3,297,140. Remitly Global has a 12 month low of $12.08 and a 12 month high of $28.00. The stock has a market capitalization of $4.83 billion, a PE ratio of 13.67 and a beta of 0.46. The company’s 50-day moving average is $23.25 and its two-hundred day moving average is $20.93.

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 35.56% and a net margin of 19.14%. The company had revenue of $509.84 million for the quarter, compared to the consensus estimate of $507.31 million. During the same quarter last year, the business posted $0.04 EPS. Remitly Global’s revenue for the quarter was up 21.5% on a year-over-year basis. Equities analysts anticipate that Remitly Global will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total value of $653,750.00. Following the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. The trade was a 2.58% 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. 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. Also, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider owned 716,022 shares in the company, valued at $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 113,800 shares of company stock valued at $2,936,302. Corporate insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its position in shares of Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 527 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Remitly Global by 129.2% in the 3rd quarter. Global Retirement Partners LLC now owns 1,490 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 840 shares during the last quarter. Nykredit A S bought a new stake in shares of Remitly Global in the 2nd quarter valued at $40,000. GAMMA Investing LLC increased its position 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 buying an additional 677 shares during the period. Finally, Essential Partners LLC increased its position in shares of Remitly Global by 181.8% during the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock worth $51,000 after buying an additional 2,116 shares during the period. Institutional investors own 74.25% of the company’s stock.

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.