Remitly Global (NASDAQ:RELY) Hits New 1-Year High – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $23.45 and last traded at $23.19, with a volume of 76913 shares. The stock had previously closed at $22.99.

Analyst Ratings Changes

Several brokerages have recently weighed in on RELY. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $13.00 to $18.00 in a report on Thursday, October 31st. JMP Securities lifted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Barclays lifted their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Trading Up 0.9 %

The firm has a 50-day moving average of $20.57 and a two-hundred day moving average of $15.95. The firm has a market capitalization of $4.59 billion, a P/E ratio of -66.26 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) EPS. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 6th. 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 now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,012 shares of company stock worth $1,435,212. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Several hedge funds have recently modified their holdings of RELY. Advisors Asset Management Inc. grew its stake in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter worth approximately $76,000. FMR LLC lifted its holdings in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the period. Green Alpha Advisors LLC purchased a new position in Remitly Global in the third quarter worth $144,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Remitly Global during the 3rd quarter worth $151,000. 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.