Remitly Global (NASDAQ:RELY) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Remitly Global (RELY) from a strong-buy to a hold, while the MarketBeat consensus remains a Moderate Buy with a $22.67 average price target and mixed analyst ratings from Hold to Overweight.
• Remitly beat expectations in its latest quarter with EPS of $0.19 versus a $0.02 consensus and revenue of $442.18 million, up 25.7% year‑over‑year.
• Significant insider selling occurred recently: Naspers sold 12,000,000 shares for roughly $192 million, and insiders have sold about 12.15 million shares in the last 90 days; insiders now own 8.10% of the company.

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

Other equities research analysts have also recently issued reports about the company. Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th. Citigroup restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 19th. KeyCorp upped their target price on Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Tuesday. JPMorgan Chase & Co. cut their target price on Remitly Global from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday, January 20th. Finally, Wall Street Zen cut Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued 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 $22.67.

Remitly Global Stock Up 0.8%

NASDAQ RELY opened at $20.80 on Monday. The business has a fifty day moving average price of $16.33 and a two-hundred day moving average price of $14.92. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The stock has a market capitalization of $4.38 billion, a PE ratio of 67.10, a PEG ratio of 0.73 and a beta of 0.09.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The company's quarterly revenue was up 25.7% on a year-over-year basis. Equities analysts expect that Remitly Global will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ltd Naspers sold 12,000,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the completion of the transaction, the insider directly owned 13,441,745 shares in the company, valued at approximately $214,799,085.10. This represents a 47.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Phillip John Riese sold 40,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the transaction, the director owned 122,496 shares of the company's stock, valued at $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,146,720 shares of company stock worth $194,410,894 in the last ninety days. Insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RELY. Torren Management LLC bought a new position in Remitly Global during the 4th quarter worth $25,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter worth $28,000. GAMMA Investing LLC raised its position in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after purchasing an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in Remitly Global during the 3rd quarter worth $33,000. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global during the 4th quarter worth $35,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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