Remitly Global (NASDAQ:RELY) Sets New 52-Week High – Here’s What Happened

Remitly Global, Inc. (NASDAQ:RELY)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $27.15 and last traded at $26.9310, with a volume of 2681779 shares traded. The stock had previously closed at $25.71.

Analyst Upgrades and Downgrades

RELY has been the topic of several analyst reports. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wolfe Research boosted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Remitly Global currently has an average rating of “Buy” and an average target price of $27.78.

Remitly Global Trading Up 0.4%

The firm has a market cap of $5.70 billion, a PE ratio of 19.37 and a beta of 0.36. The business has a fifty day moving average price of $24.43 and a 200 day moving average price of $20.76.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. On average, research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the transaction, the chief financial officer owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This trade represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 Nigel W. Morris sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the transaction, the director directly owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 502,771 shares of company stock worth $12,328,147. Insiders own 6.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RELY. Summit Securities Group LLC purchased a new stake in Remitly Global in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global in the 4th quarter valued at $28,000. HighMark Wealth Management LLC acquired a new position in shares of Remitly Global in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC raised its position in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Remitly Global in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.