Remitly Global (NASDAQ:RELY) Sets New 1-Year High – What’s Next?

Remitly Global, Inc. (NASDAQ:RELY)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $25.00 and last traded at $24.96, with a volume of 4183194 shares changing hands. The stock had previously closed at $23.52.

Analyst Ratings Changes

Several analysts have recently weighed in on RELY shares. The Goldman Sachs Group raised their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Citigroup reissued a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. KeyCorp lifted their price objective on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $25.00.

Remitly Global Trading Up 6.1%

The company has a market cap of $5.26 billion, a P/E ratio of 50.94 and a beta of 0.34. The company’s 50-day moving average price is $21.61 and its two-hundred day moving average price is $17.83.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.05 earnings per share. As a group, analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the transaction, the chief financial officer directly owned 988,004 shares in the company, valued at $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joshua Hug sold 34,383 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the transaction, the director owned 3,482,320 shares in the company, valued at $86,674,944.80. This trade represents a 0.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 237,188 shares of company stock worth $5,089,318 over the last quarter. 6.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its position in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Marshall Wace LLP grew its stake in Remitly Global by 30.4% during the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the last quarter. Bank of America Corp DE increased its position in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares during the period. Finally, Geode Capital Management LLC increased its position in Remitly Global by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after buying an additional 67,700 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.