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

Key Points

• Remitly Global has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increased confidence in the company's stock performance.
• Barclays and KeyCorp have raised their price targets for the stock to $27.00 and $28.00, respectively, reflecting positive sentiment among analysts.
• In its latest earnings report, Remitly Global posted $411.85 million in revenue, surpassing expectations, but missed earnings per share estimates.

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 note issued to investors on Sunday.

Several other brokerages also recently commented on RELY. Barclays boosted their target price on Remitly Global from $24.00 to $27.00 and gave the stock 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. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Price Performance

RELY stock traded down $0.48 during midday trading on Friday, reaching $18.16. The company had a trading volume of 1,852,092 shares, compared to its average volume of 3,169,946. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13. The stock has a 50 day moving average price of $18.22 and a 200-day moving average price of $19.90. Remitly Global has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million during 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 revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.06) EPS. As a group, research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction dated 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 directly owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, 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 three months, insiders have sold 79,360 shares of company stock valued at $1,477,749. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. Elequin Capital LP acquired a new position in Remitly Global during the 1st quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Remitly Global in the first quarter valued at approximately $41,000. Exchange Traded Concepts LLC bought a new stake in Remitly Global in the first quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd bought a new stake in Remitly Global in the first quarter valued at approximately $66,000. Finally, Raymond James Financial Inc. bought a new stake in Remitly Global in the second quarter valued at approximately $89,000. 74.25% of the stock is owned by institutional investors and hedge funds.

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.