Remitly Global (NASDAQ:RELY) Rating Increased to Buy at Wall Street Zen

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 research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Sunday.

A number of other research firms also recently weighed in on RELY. Barclays raised their price target 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 from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Stock Down 2.5%

NASDAQ RELY traded down $0.47 during trading on Friday, reaching $18.41. 1,453,704 shares of the stock traded hands, compared to its average volume of 2,989,671. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 306.97 and a beta of 0.13. The stock's 50-day moving average price is $18.22 and its 200 day moving average price is $19.98. Remitly Global has a fifty-two week low of $12.43 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data 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). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. During the same period in the prior year, the firm earned ($0.06) EPS. The business's revenue for the quarter was up 34.4% compared to the same quarter last year. Analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider directly owned 182,926 shares in the company, valued at $3,658,520. This trade represents a 2.14% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 79,360 shares of company stock worth $1,477,749. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Townsquare Capital LLC grew its holdings in shares of Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after buying an additional 459 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after acquiring an additional 518 shares during the period. Comerica Bank lifted its holdings in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after purchasing an additional 534 shares during the period. California State Teachers Retirement System lifted its holdings in Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock valued at $2,550,000 after acquiring an additional 679 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Remitly Global by 40.2% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider's stock valued at $84,000 after buying an additional 1,282 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.