Remitly Global (NASDAQ:RELY) Sets New 52-Week High - Here's Why

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $23.45 and last traded at $23.19, with a volume of 76913 shares trading hands. The stock had previously closed at $22.99.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RELY shares. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. BMO Capital Markets lifted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Finally, JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.75.

Remitly Global Stock Performance

The stock's fifty day moving average is $20.57 and its 200 day moving average is $15.95. The stock has a market cap of $4.59 billion, a P/E ratio of -66.20 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company's revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) EPS. Equities research analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,012 shares of company stock valued at $1,435,212. Company insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in shares of Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock worth $48,980,000 after buying an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock worth $47,578,000 after buying an additional 431,987 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after acquiring an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Remitly Global by 25.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider's stock worth $25,843,000 after acquiring an additional 435,827 shares during the period. 74.25% of the stock is currently owned by 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.