Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s share price hit a new 52-week high on Tuesday . The stock traded as high as $22.93 and last traded at $22.43, with a volume of 1834055 shares. The stock had previously closed at $22.61.
Analyst Ratings Changes
A number of equities research analysts have issued reports on RELY shares. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 18th. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. Finally, BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and an average target price of $22.75.
Read Our Latest Stock Analysis on RELY
Remitly Global Stock Performance
The firm has a market capitalization of $4.48 billion, a PE ratio of -64.69 and a beta of 0.10. The company has a fifty day moving average price of $19.09 and a 200-day moving average price of $15.33.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. Remitly Global's revenue was up 39.3% on a year-over-year basis. On average, equities analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current year.
Insider Activity at Remitly Global
In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,012 shares of company stock valued at $1,435,212. 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 company. Advisors Asset Management Inc. increased its stake in 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 worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. bought a new stake in Remitly Global during the 3rd quarter valued at about $76,000. FMR LLC boosted its position in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after buying an additional 1,970 shares during the period. nVerses Capital LLC grew its stake in Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after acquiring an additional 8,700 shares in the last quarter. Finally, Green Alpha Advisors LLC purchased a new position in shares of Remitly Global during the third quarter worth approximately $144,000. 74.25% of the stock is currently owned by institutional investors.
About Remitly Global
(
Get Free Report)
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.
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