Remitly Global (NASDAQ:RELY) Sets New 12-Month High – Should You Buy?

Remitly Global, Inc. (NASDAQ:RELY) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $23.86 and last traded at $23.51, with a volume of 357430 shares. The stock had previously closed at $23.16.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JMP Securities upped their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised their target price on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Finally, Barclays upped their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Stock Performance

The firm’s 50 day moving average price is $22.01 and its two-hundred day moving average price is $17.18. The firm has a market cap of $4.65 billion, a PE ratio of -67.14 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the business posted ($0.20) earnings per share. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. On average, analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was 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 in the company, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,476 shares of company stock valued at $1,202,171. 8.10% of the stock is currently owned by insiders.

Institutional Trading of Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its stake in shares of 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 purchasing an additional 1,466 shares during the period. Assetmark Inc. acquired a new stake in Remitly Global during the 3rd quarter worth approximately $76,000. R Squared Ltd purchased a new position in Remitly Global in the 4th quarter valued at approximately $89,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% in 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 in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Remitly Global during the fourth quarter worth $135,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.