Remitly Global (NASDAQ:RELY) Downgraded to Hold Rating by Zacks Research

Key Points

• Remitly Global was downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting changing market sentiments.
• The company reported $0.04 earnings per share for the last quarter, missing the consensus estimate considerably, despite achieving a year-over-year revenue growth of 34.4%.
• Insider transactions indicate a lack of confidence as executives sold significant shares recently, with the Director selling 5,000 shares worth $100,000.

Remitly Global (NASDAQ:RELY - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Several other equities analysts have also issued reports on RELY. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Remitly Global in a report on Saturday, September 27th. KeyCorp reissued an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Finally, JMP Securities reduced their price objective on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.88.

Remitly Global Stock Up 0.7%

Shares of Remitly Global stock opened at $15.83 on Monday. The company has a market cap of $3.26 billion, a PE ratio of 263.88 and a beta of 0.10. Remitly Global has a 52 week low of $12.43 and a 52 week high of $27.32. The business has a 50 day moving average price of $17.88 and a 200-day moving average price of $19.33.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business's revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.06) earnings per share. As a group, research analysts anticipate that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director owned 112,496 shares in the company, valued at $2,249,920. This represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the sale, the chief executive officer owned 4,544,354 shares in the company, valued at approximately $75,799,824.72. This represents a 0.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,943 shares of company stock worth $1,720,993. Insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently made changes to their positions in RELY. Elequin Capital LP purchased a new stake in shares of Remitly Global in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global during the first quarter valued at about $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global during the first quarter valued at about $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global during the first quarter valued at about $66,000. Finally, Raymond James Financial Inc. purchased a new stake in Remitly Global during the second quarter valued at about $89,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

About Remitly Global

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.

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