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

Remitly Global, Inc. (NASDAQ:RELY) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.34 and last traded at $26.96, with a volume of 3862 shares trading hands. The stock had previously closed at $27.14.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RELY shares. JMP Securities upped their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Barclays upped their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.75.

Remitly Global Stock Performance

The firm’s 50 day moving average is $23.29 and its two-hundred day moving average is $18.41. The stock has a market capitalization of $5.35 billion, a PE ratio of -77.24 and a beta of 0.07.

Insider Buying and Selling at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the business’s 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 sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’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 sale, the chief executive officer now directly owns 4,417,011 shares in the company, 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. In the last three months, insiders have sold 67,059 shares of company stock valued at $1,489,808. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Global Retirement Partners LLC purchased a new stake in Remitly Global during the fourth quarter worth about $28,000. Advisors Asset Management Inc. lifted its holdings in shares of 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 in the last quarter. Assetmark Inc. purchased a new stake in shares of Remitly Global in the third quarter valued at about $76,000. R Squared Ltd purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $89,000. Finally, FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,970 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.