Remitly Global (NASDAQ:RELY) Sets New 1-Year High – Here’s Why

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays upped their price target on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Wells Fargo & Company lifted their price target on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, JMP Securities boosted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $23.13.

Remitly Global Stock Performance

The firm has a 50 day moving average price of $21.80 and a two-hundred day moving average price of $16.93.

Remitly Global (NASDAQ:RELY) last issued its quarterly 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 firm had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the business posted ($0.20) EPS. Remitly Global’s revenue was up 39.3% on a year-over-year basis. On average, research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity

In related news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Tuesday, December 10th. The shares were 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 approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,893 shares of company stock worth $864,720 over the last 90 days. 8.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Robeco Institutional Asset Management B.V. raised its stake in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares in the last quarter. R Squared Ltd bought a new position in Remitly Global during the fourth quarter valued at approximately $89,000. DHK Financial Advisors Inc. acquired a new stake in Remitly Global in the fourth quarter valued at approximately $273,000. KBC Group NV lifted its stake in Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 2,033 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Remitly Global by 661.9% in the fourth quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 14,886 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.