Remitly Global (NASDAQ:RELY) Hits New 52-Week High – Time to Buy?

Shares of Remitly Global, Inc. (NASDAQ:RELY) 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 changing hands. The stock had previously closed at $23.26.

Wall Street Analyst Weigh In

RELY has been the topic of several analyst reports. JMP Securities increased their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report 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. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $23.13.

Remitly Global Trading Up 0.3 %

The business’s fifty day simple moving average is $21.67 and its two-hundred day simple moving average is $16.82. The stock has a market capitalization of $4.62 billion, a P/E ratio of -66.83 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period last year, the business earned ($0.20) earnings per share. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s 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 transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,893 shares of company stock worth $864,720. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RELY. Advisors Asset Management Inc. grew its holdings in shares of 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 worth $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new stake in Remitly Global during the third quarter worth about $76,000. FMR LLC increased its holdings 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 buying an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC bought a new position in shares of Remitly Global in the third quarter valued at approximately $144,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Remitly Global in the 3rd quarter worth approximately $151,000. 74.25% of the stock is currently 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.