Remitly Global (NASDAQ:RELY) Hits New 12-Month High – Still a Buy?

Remitly Global, Inc. (NASDAQ:RELY) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $23.60 and last traded at $23.23, with a volume of 107751 shares. The stock had previously closed at $23.26.

Wall Street Analysts Forecast Growth

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

Remitly Global Stock Performance

The company’s 50 day moving average is $21.80 and its 200 day moving average is $16.93.

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

Insider Buying and Selling at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction 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 $92,138,849.46. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,893 shares of company stock valued at $864,720 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its position in shares of 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 buying an additional 2,001,198 shares during the period. M&T Bank Corp bought a new position in shares of Remitly Global during the third quarter valued at $693,000. Neo Ivy Capital Management acquired a new stake in shares of Remitly Global in the 3rd quarter valued at $628,000. GSA Capital Partners LLP boosted its stake in shares of Remitly Global by 30.2% in the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Remitly Global by 250.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock worth $1,114,000 after purchasing an additional 59,496 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.