Remitly Global (NASDAQ:RELY) Reaches New 52-Week High – Should You Buy?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RELY shares. Barclays increased 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. Wells Fargo & Company increased 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 note on Thursday, January 16th. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Price Performance

The business has a 50 day moving average of $21.67 and a 200 day moving average of $16.82. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of -66.83 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its earnings results 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. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.20) EPS. As a group, equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insider Transactions at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,893 shares of company stock valued at $864,720 over the last three months. 8.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. grew its holdings in shares of 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 position in Remitly Global during the 3rd quarter worth approximately $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% during the 3rd 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. Green Alpha Advisors LLC bought a new position in shares of Remitly Global during the 3rd quarter worth approximately $144,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Remitly Global in the third quarter valued at approximately $151,000. Institutional investors and hedge funds 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.