Remitly Global (NASDAQ:RELY) Sets New 1-Year High – What’s Next?

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

Wall Street Analysts Forecast Growth

RELY has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. BMO Capital Markets increased their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. JMP Securities boosted their target price 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. Finally, KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Remitly Global Price Performance

The stock has a 50-day moving average of $18.20 and a 200-day moving average of $15.02. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of -62.11 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm 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 business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.20) EPS. On average, equities analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,012 shares of company stock valued at $1,435,212. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. M&T Bank Corp acquired a new stake in Remitly Global in the third quarter valued at $693,000. Neo Ivy Capital Management bought a new position in Remitly Global during the 3rd quarter worth $628,000. GSA Capital Partners LLP lifted its holdings in Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after buying an additional 60,991 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in shares of Remitly Global by 250.9% in the third quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock valued at $1,114,000 after buying an additional 59,496 shares during the period. 74.25% of the stock is currently owned by institutional investors.

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.