Remitly Global (NASDAQ:RELY) Sets New 1-Year High – Time to Buy?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $22.18 and last traded at $22.10, with a volume of 183077 shares traded. The stock had previously closed at $21.72.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RELY. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Barclays lifted their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Finally, JMP Securities increased their target price 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Remitly Global Price Performance

The business has a 50-day moving average of $18.72 and a 200-day moving average of $15.17. The company has a market capitalization of $4.28 billion, a P/E ratio of -61.74 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released 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. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter last year, the business earned ($0.20) EPS. The business’s revenue was up 39.3% on a year-over-year basis. Sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated 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 in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now 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. Over the last three months, insiders have sold 82,012 shares of company stock worth $1,435,212. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new stake in shares of Remitly Global in the second quarter valued at about $43,000. Advisors Asset Management Inc. increased its position in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $76,000. FMR LLC lifted its position in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC boosted its stake in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 8,700 shares in the last quarter. 74.25% of the stock is owned by 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.