Remitly Global (NASDAQ:RELY) Stock Rating Upgraded by Wall Street Zen

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

Several other brokerages also recently weighed in on RELY. Barclays increased their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. KeyCorp reaffirmed an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $20.25 on Friday. The company has a market capitalization of $4.18 billion, a P/E ratio of 337.56 and a beta of 0.13. The company has a fifty day moving average of $18.21 and a 200 day moving average of $19.99. Remitly Global has a fifty-two week low of $12.43 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same period last year, the company earned ($0.06) EPS. The firm’s revenue for the quarter was up 34.4% on a year-over-year basis. Analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer directly owned 4,212,849 shares of the company’s stock, valued at approximately $72,798,030.72. The trade was a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the completion of the transaction, the director directly owned 3,654,288 shares in the company, valued at $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,360 shares of company stock valued at $1,477,749. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Large investors have recently added to or reduced their stakes in the company. Elequin Capital LP purchased a new stake in shares of Remitly Global in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global in the 1st quarter valued at $41,000. Exchange Traded Concepts LLC purchased a new stake in shares of Remitly Global in the 1st quarter valued at $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Remitly Global in the 1st quarter valued at $66,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Remitly Global in the 2nd quarter valued at $89,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.