Remitly Global's (RELY) "Outperform" Rating Reiterated at William Blair

Key Points

• William Blair has reiterated an "outperform" rating for Remitly Global (NASDAQ: RELY), while the stock is currently rated as a "Moderate Buy" with a consensus target price of $27.88.
• Recent analyst actions include a downgrade by Zacks to "hold," while Wall Street Zen upgraded to "buy" and JMP Securities reduced its price target from $32.00 to $23.00.
• Remitly reported a $0.04 EPS for the last quarter, which missed analysts' expectations of $0.18, although revenue increased by 34.4% year-over-year.

Remitly Global (NASDAQ:RELY - Get Free Report)'s stock had its "outperform" rating restated by stock analysts at William Blair in a research report issued on Friday,RTT News reports.

Other analysts also recently issued research reports about the company. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Remitly Global in a report on Wednesday. JMP Securities cut their price target on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, September 15th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.88.

Remitly Global Stock Performance

NASDAQ:RELY traded down $0.49 during trading hours on Friday, hitting $14.99. 2,288,277 shares of the company's stock traded hands, compared to its average volume of 3,078,654. The firm has a market cap of $3.09 billion, a P/E ratio of 249.87 and a beta of 0.10. Remitly Global has a twelve month low of $12.57 and a twelve month high of $27.32. The stock's fifty day moving average price is $17.83 and its two-hundred day moving average price is $19.22.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its 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). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. During the same quarter last 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. On average, equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the transaction, the chief executive officer directly owned 4,544,354 shares in the company, valued at approximately $75,799,824.72. This trade represents a 0.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 5,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total value of $98,550.00. Following the completion of the transaction, the insider owned 186,926 shares in the company, valued at $3,684,311.46. This represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock valued at $1,720,993 over the last 90 days. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Remitly Global

Hedge funds have recently added to or reduced their stakes in the business. Townsquare Capital LLC raised its stake in shares of Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock valued at $393,000 after purchasing an additional 459 shares during the period. Xponance Inc. raised its stake in shares of Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 518 shares during the period. California State Teachers Retirement System raised its stake in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock valued at $2,550,000 after purchasing an additional 679 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of Remitly Global by 40.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 1,282 shares during the period. Finally, Cetera Investment Advisers raised its stake in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 1,286 shares during the period. Institutional investors and hedge funds 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.

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