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

Key Points

• Remitly Global has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting positive sentiment about its stock performance.
• The stock has received several target price increases from major analysts, with Barclays raising their target from $24.00 to $27.00, indicating strong growth expectations.
• Remitly reported quarterly earnings of $0.04 per share, missing estimates but showing a revenue increase of 34.4% year-over-year.

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

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

Remitly Global Price Performance

Shares of NASDAQ RELY traded down $1.02 during trading on Friday, hitting $18.85. The stock had a trading volume of 3,457,610 shares, compared to its average volume of 2,955,800. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The company has a market capitalization of $3.89 billion, a PE ratio of 314.22 and a beta of 0.12. The firm has a fifty day moving average of $18.44 and a two-hundred day moving average of $20.68.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted 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 firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business's revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) EPS. On average, equities analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 10,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $19.65, for a total value of $196,500.00. Following the sale, the director directly owned 3,663,811 shares of the company's stock, valued at approximately $71,993,886.15. This represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the transaction, the chief executive officer owned 4,212,849 shares in the company, valued at approximately $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,833 shares of company stock valued at $2,950,493. Company insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RELY. LPL Financial LLC purchased a new position in shares of Remitly Global during the fourth quarter worth approximately $347,000. Wells Fargo & Company MN raised its stake in shares of Remitly Global by 53.1% during the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after acquiring an additional 24,559 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Remitly Global by 221.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock worth $1,214,000 after acquiring an additional 37,046 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Remitly Global by 13.0% in the fourth quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock worth $2,519,000 after purchasing an additional 12,816 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.