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

Key Points

• Remitly Global was downgraded from a "buy" to a "hold" rating by Wall Street Zen, while the stock currently has a consensus rating of "Moderate Buy" and a price target of $29.00.
• Financial Performance: The company reported earnings of $0.04 per share for the last quarter, missing expectations, but achieved a 34.4% year-over-year revenue increase, amounting to $411.85 million.
• Insider trading activity shows significant selling, with major shareholders and insiders collectively divesting over 12 million shares of the company in recent months.

Wall Street Zen cut shares of Remitly Global (NASDAQ:RELY - Free Report) from a buy rating to a hold rating in a report released on Saturday.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Barclays raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. KeyCorp reissued an "overweight" rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Trading Up 1.3%

NASDAQ:RELY traded up $0.25 during mid-day trading on Friday, hitting $19.65. The stock had a trading volume of 901,730 shares, compared to its average volume of 2,935,856. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 327.64 and a beta of 0.12. The company has a 50 day simple moving average of $18.52 and a 200-day simple moving average of $20.80. Remitly Global has a 52 week low of $12.43 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results 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). The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm's quarterly revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. As a group, equities research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director directly owned 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bora Chung sold 13,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the sale, the director owned 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 141,833 shares of company stock valued at $2,999,023 over the last 90 days. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Remitly Global by 2.1% during the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock worth $311,109,000 after purchasing an additional 306,099 shares during the period. Alliancebernstein L.P. lifted its stake in Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after acquiring an additional 4,037,151 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC lifted its stake in Remitly Global by 3.6% in the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider's stock valued at $70,347,000 after acquiring an additional 129,706 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in Remitly Global by 20.4% in the first quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider's stock valued at $49,324,000 after acquiring an additional 402,417 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.