Remitly Global (NASDAQ:RELY) Stock Rating Raised to Strong-Buy at Zacks Research

Remitly Global (NASDAQ:RELY) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday, Zacks reports.

Other analysts also recently issued research reports about the stock. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Remitly Global in a report on Monday, November 9th. KeyCorp reaffirmed an “overweight” rating on shares of Remitly Global in a report on Tuesday. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global currently has an average rating of “Buy” and a consensus target price of $27.78.

Remitly Global Trading Down 1.1%

RELY stock traded down $0.24 during trading hours on Thursday, hitting $22.55. 2,284,339 shares of the stock were exchanged, compared to its average volume of 3,297,140. The firm has a market capitalization of $4.83 billion, a P/E ratio of 13.67 and a beta of 0.46. The company has a 50-day simple moving average of $23.25 and a two-hundred day simple moving average of $20.93. Remitly Global has a 12 month low of $12.08 and a 12 month high of $28.00.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.15. Remitly Global had a net margin of 19.14% and a return on equity of 35.56%. The company had revenue of $509.84 million during the quarter, compared to analysts’ expectations of $507.31 million. During the same quarter in the previous year, the business posted $0.04 earnings per share. Remitly Global’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities research analysts predict that Remitly Global will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ryno Blignaut sold 5,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $23.75, for a total value of $118,750.00. Following the transaction, the director directly owned 63,269 shares of the company’s stock, valued at $1,502,638.75. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $21.43, for a total transaction of $117,865.00. Following the transaction, the director owned 2,642,389 shares of the company’s stock, valued at approximately $56,626,396.27. This represents a 0.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,800 shares of company stock valued at $2,936,302 over the last three months. 6.53% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of RELY. BlackRock Inc. acquired a new position in Remitly Global during the second quarter worth about $410,752,000. Generation Investment Management LLP bought a new position in shares of Remitly Global in the second quarter worth about $109,637,000. Bank of America Corp DE boosted its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares in the last quarter. Lead Edge Capital Management LLC acquired a new stake in shares of Remitly Global in the 2nd quarter valued at approximately $60,232,971. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Remitly Global by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock valued at $49,142,000 after purchasing an additional 350,595 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.