Remitly Global (NASDAQ:RELY) Reaches New 1-Year High – Here’s What Happened

Remitly Global, Inc. (NASDAQ:RELY)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $23.45 and last traded at $23.19, with a volume of 76913 shares trading hands. The stock had previously closed at $22.99.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research reports. BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. JMP Securities increased their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $13.00 to $18.00 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, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

Remitly Global Price Performance

The stock has a market capitalization of $4.60 billion, a PE ratio of -66.31 and a beta of 0.07. The firm has a fifty day moving average price of $20.90 and a two-hundred day moving average price of $16.13.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data 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. 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 for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company posted ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. On average, research analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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 directly owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the 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 directly owns 4,417,011 shares in the company, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,012 shares of company stock valued at $1,435,212 in the last 90 days. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of hedge funds have recently added to or reduced their stakes in RELY. Millennium Management LLC increased its position in Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the period. Principal Financial Group Inc. increased its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after buying an additional 1,487,680 shares in the last quarter. Herr Investment Group LLC purchased a new stake in Remitly Global during the second quarter worth $9,285,000. Finally, Dimensional Fund Advisors LP boosted its position in Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after acquiring an additional 435,827 shares in the last quarter. 74.25% of the stock is 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.