Remitly Global (NASDAQ:RELY) Sets New 12-Month High – Here’s What Happened

Remitly Global, Inc. (NASDAQ:RELY) hit a new 52-week high on Wednesday . The company traded as high as $22.18 and last traded at $22.10, with a volume of 183077 shares traded. The stock had previously closed at $21.72.

Analyst Ratings Changes

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

Remitly Global Stock Performance

The stock’s 50 day simple moving average is $18.72 and its 200-day simple moving average is $15.17. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of -61.74 and a beta of 0.10.

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

Insider Buying and Selling

In other news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock valued at $1,435,212 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently bought and sold shares of RELY. Blue Trust Inc. purchased a new position in shares of Remitly Global during the 2nd quarter valued at approximately $43,000. Advisors Asset Management Inc. boosted its holdings in Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. acquired a new stake in Remitly Global during the third quarter valued at $76,000. FMR LLC increased its holdings in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC boosted its stake in shares of Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 8,700 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.