Remitly Global (NASDAQ:RELY) Hits New 12-Month High – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY) reached a new 52-week high on Tuesday . The stock traded as high as $27.34 and last traded at $26.96, with a volume of 3862 shares. The stock had previously closed at $27.14.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. KeyCorp upped their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday. Finally, Barclays boosted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Trading Down 0.5 %

The stock’s 50 day moving average is $23.49 and its two-hundred day moving average is $18.55. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of -73.69 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. On average, research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the fourth quarter valued at about $28,000. Advisors Asset Management Inc. grew its stake in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Remitly Global in the third quarter valued at approximately $76,000. R Squared Ltd acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $89,000. Finally, FMR LLC increased its stake in shares of 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 purchasing an additional 1,970 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.