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

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

Wall Street Analyst Weigh In

Several research analysts have commented on RELY shares. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Citizens Jmp increased their price objective on Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group raised their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Remitly Global Price Performance

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

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

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 34,383 shares of Remitly Global stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the transaction, the director directly owned 3,482,320 shares in the company, valued at $86,674,944.80. This represents a 0.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 237,188 shares of company stock worth $5,089,318. Corporate insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after acquiring an additional 3,870 shares during the period. Millennium Management LLC boosted its stake in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the period. Caxton Associates LLP acquired a new position in Remitly Global in the 1st quarter worth approximately $218,000. Focus Partners Wealth purchased a new position in Remitly Global during the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers grew its position in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares in the last quarter. 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.