Wolfe Downgrade Leads to Dip in Remitly Global Stock
December 2, 2023
🌥️Trending News
Wolfe Research recently downgraded the stock of Remitly Global ($NASDAQ:RELY), a leading global digital payments provider, from Outperform to Peer Perform. This has caused a sharp dip in the stock’s value, as investors and analysts responded to the downgrade. Remitly Global is a technology-driven financial services company that provides an online platform for fast, cost-effective international money transfers. It also has more than a million customers worldwide who use its services for international payments. With the recent downgrade by Wolfe Research, it is clear that investors are cautious about the stock’s prospects despite its strong performance in the past.
Remitly Global has maintained solid financial strength, which gives it a strong footing in the competitive digital payments market, but the downgrade has caused some jitters among investors. Overall, the downgrade by Wolfe Research is certainly a setback for Remitly Global, but the company remains committed to providing secure and reliable digital payment services to its customers. With its strong financial foundation and growing customer base, Remitly Global is well positioned to continue to deliver reliable and cost-effective digital payments services to customers around the world.
Price History
On Friday, REMITLY GLOBAL saw significant stock movement after a Wolfe Research downgrade. The stock opened at $20.9 and closed at $20.9, resulting in a sizable 2.8% dip from its previous closing price of $21.5. Despite the promising financial outlook, Wolfe Research analysts believe that the stock is overvalued.
Following the downgrade, traders on Wall Street have taken notice and many are staying away from REMITLY GLOBAL. Analysts will continue to monitor the stock closely, as it stands to be significantly impacted by future assessments from Wolfe Research and other research firms. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Remitly Global. More…
| Total Revenues | Net Income | Net Margin |
| 870.56 | -102.21 | -11.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Remitly Global. More…
| Operations | Investing | Financing |
| -96.47 | -49.74 | -6.64 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Remitly Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 832.75 | 306.96 | 2.9 |
Key Ratios Snapshot
Some of the financial key ratios for Remitly Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 72.8% | – | -11.5% |
| FCF Margin | ROE | ROA |
| -12.1% | -12.0% | -7.5% |
Analysis
GoodWhale conducted an analysis of REMITLY GLOBAL‘s wellbeing and the results are very interesting. Our star chart shows that REMITLY GLOBAL is strong in asset and growth, but weaker in dividend and profitability. Its intermediate health score of 6/10 shows that REMITLY GLOBAL is capable of safely riding out any crisis without the risk of bankruptcy. From our analysis, we can classify REMITLY GLOBAL as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Such companies may be attractive to investors who are looking for high growth but are willing to accept higher risk in exchange for it. More…
Peers
The company was founded in 2011 and is headquartered in Seattle, Washington. Remitly has offices in the United States, Canada, the Philippines, India, and the United Kingdom. The company offers money transfer services to more than 50 countries. Remitly’s competitors include Yeahka Ltd, Coveo Solutions Inc, Optiva Inc, and WorldRemit.
– Yeahka Ltd ($SEHK:09923)
The company’s market cap is 9.29B as of 2022. The company’s ROE is 3.37%. The company is engaged in the manufacture and sale of electronic products.
– Coveo Solutions Inc ($TSX:CVO)
Coveo Solutions Inc has a market cap of 561.87M as of 2022, a Return on Equity of 59.41%. The company focuses on providing search and artificial intelligence solutions for business. Its search platform helps organizations find and use information stored across the enterprise. The company’s artificial intelligence technology assists users in making better decisions by providing recommendations and predictions based on data analysis.
– Optiva Inc ($TSX:OPT)
Optiva Inc is a Canadian company that provides software solutions for the telecommunications industry. Its products are used by major telecommunications providers around the world, including AT&T, Verizon, and Vodafone. The company has a market capitalization of 108.11 million as of 2022 and a return on equity of -52.55%.
Summary
Wolfe Research recently downgraded the stock of Remitly Global from Outperform to Peer Perform, leading to a dip in the company’s stock price. Investors should conduct further analysis on the company before investing in it. Factors to consider include the company’s financial position, competitive landscape, and outlook for the industry. Analysts should examine factors such as Remitly Global’s financial reports, product portfolio, market opportunities, and customer base.
Additionally, investors should consider how the company’s performance has been affected by external events, such as global pandemics or changes in government policy. It is important to assess the company’s current business operations and potential for future growth. Finally, investors should assess the company’s management team, corporate strategy, and risk management practices.
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