Zacks Research Upgrades Remitly Global (NASDAQ:RELY) to Strong-Buy

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

Several other analysts have also commented on the company. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Remitly Global in a report on Tuesday, January 6th. JPMorgan Chase & Co. lowered their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. Finally, Monness Crespi & Hardt decreased their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.25.

Remitly Global Stock Performance

Shares of RELY traded up $0.22 on Tuesday, hitting $14.37. 444,100 shares of the stock traded hands, compared to its average volume of 2,728,311. The company has a market capitalization of $3.00 billion, a PE ratio of 159.73 and a beta of 0.11. Remitly Global has a one year low of $12.08 and a one year high of $27.32. The business has a 50 day simple moving average of $13.64 and a 200 day simple moving average of $15.90.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. During the same quarter last year, the company earned $0.01 EPS. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. On average, equities analysts expect that Remitly Global will post -0.04 earnings per share for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the completion of the transaction, the insider directly owned 220,830 shares in the company, valued at approximately $3,312,450. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 50,276 shares of company stock worth $673,109 over the last 90 days. 7.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Essex Investment Management Co. LLC acquired a new stake in Remitly Global during the 3rd quarter valued at $33,000. First Horizon Corp acquired a new position in Remitly Global in the 3rd quarter valued at about $36,000. GAMMA Investing LLC lifted its holdings in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares in the last quarter. Quarry LP acquired a new stake in shares of Remitly Global during the 3rd quarter worth about $42,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.