Weiss Ratings Reiterates "Sell (D+)" Rating for Remitly Global (NASDAQ:RELY)

Key Points

• Weiss Ratings has restated a "Sell (D+)" rating for Remitly Global (NASDAQ:RELY), highlighting continued negative sentiment from equities research analysts.
• Other analysts have varied opinions, with JMP Securities lowering the price target to $23 while KeyCorp raised it to $28, indicating mixed perspectives on the stock’s performance.
• Remitly reported revenue growth of 34.4% year-over-year, but missed EPS estimates, with analysts forecasting a negative EPS for the current fiscal year.

Remitly Global (NASDAQ:RELY - Get Free Report)'s stock had its "sell (d+)" rating restated by equities research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also recently commented on RELY. JMP Securities dropped their target price on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, September 15th. KeyCorp reissued an "overweight" rating and set a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Zacks Research cut shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.88.

Remitly Global Trading Up 0.6%

NASDAQ:RELY opened at $15.92 on Wednesday. The company has a 50-day moving average price of $17.86 and a 200-day moving average price of $19.30. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 265.38 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The company had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The company's revenue for the quarter was up 34.4% on a year-over-year basis. Equities analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider directly owned 182,926 shares in the company, valued at approximately $3,658,520. This trade represents a 2.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joshua Hug sold 40,777 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the sale, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This represents a 1.10% 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 in the last quarter. 7.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

About Remitly Global

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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