Remitly Global (NASDAQ:RELY) Upgraded to "Buy" at Wall Street Zen

Remitly Global (NASDAQ:RELY - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other research firms have also recently issued reports on RELY. KeyCorp reissued an "overweight" rating on shares of Remitly Global in a research report on Tuesday. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 6th. Wolfe Research raised their price target on Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 25th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Remitly Global in a report on Monday, November 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $27.78.

Remitly Global Trading Down 1.1%

RELY stock traded down $0.24 during trading hours on Friday, hitting $22.55. 2,284,339 shares of the stock traded hands, compared to its average volume of 3,297,140. The stock has a 50-day simple moving average of $23.25 and a 200 day simple moving average of $20.93. The company has a market cap of $4.83 billion, a P/E ratio of 13.67 and a beta of 0.46. Remitly Global has a one year low of $12.08 and a one year high of $28.00.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.15. The company had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. Remitly Global had a return on equity of 35.56% and a net margin of 19.14%. Remitly Global's revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 earnings per share. Analysts forecast that Remitly Global will post 0.85 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Pankaj Sharma sold 21,000 shares of the company's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the transaction, the insider directly owned 716,022 shares in the company, valued at $18,895,820.58. This represents a 2.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ryno Blignaut sold 5,000 shares of the company's stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $23.75, for a total transaction 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 represents a 7.32% decrease in their position. 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. Over the last quarter, insiders sold 113,800 shares of company stock worth $2,936,302. 6.53% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Large investors have recently bought and sold shares of the stock. Empowered Funds LLC lifted its stake in Remitly Global by 1.4% in the third quarter. Empowered Funds LLC now owns 37,989 shares of the financial services provider's stock worth $811,000 after acquiring an additional 509 shares during the last quarter. IFP Advisors Inc grew its holdings in Remitly Global by 59.1% during the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock worth $32,000 after acquiring an additional 527 shares in the last quarter. Allworth Financial LP increased its position in shares of Remitly Global by 12.5% in the 2nd quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 540 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Remitly Global by 25.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,708 shares of the financial services provider's stock valued at $58,000 after purchasing an additional 541 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Remitly Global by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider's stock valued at $1,107,000 after purchasing an additional 600 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

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.

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