Remitly Global (NASDAQ:RELY) Hits New 1-Year High – Should You Buy?

Remitly Global, Inc. (NASDAQ:RELY) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $23.86 and last traded at $23.51, with a volume of 357430 shares changing hands. The stock had previously closed at $23.16.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. JMP Securities lifted 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. Wells Fargo & Company lifted their target price 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, Barclays lifted their target price on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Stock Performance

The firm has a market cap of $4.70 billion, a PE ratio of -67.80 and a beta of 0.07. The company has a 50 day simple moving average of $22.20 and a two-hundred day simple moving average of $17.35.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The business’s revenue was up 39.3% compared to the same quarter last year. As a group, research analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,476 shares of company stock valued at $1,202,171 over the last quarter. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in Remitly Global by 58.7% in the third 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. purchased a new position in Remitly Global in the third quarter valued at $76,000. R Squared Ltd purchased a new position in Remitly Global in the fourth quarter valued at $89,000. FMR LLC raised its stake in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Remitly Global during the 4th quarter worth about $135,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.