Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.34 and last traded at $26.96, with a volume of 3862 shares changing hands. The stock had previously closed at $27.14.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on RELY shares. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday. KeyCorp upped their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Wells Fargo & Company upped their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Barclays upped their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.00.
View Our Latest Analysis on RELY
Remitly Global Price Performance
The firm's 50-day moving average price is $23.64 and its 200-day moving average price is $18.67. The company has a market cap of $4.73 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. The company had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.
Insider Transactions at Remitly Global
In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock valued at $1,467,012 over the last 90 days. Corporate insiders own 8.10% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. M&T Bank Corp purchased a new position in shares of Remitly Global in the third quarter valued at $693,000. DHK Financial Advisors Inc. purchased a new position in shares of Remitly Global in the fourth quarter valued at $273,000. Robeco Institutional Asset Management B.V. boosted its stake in Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after acquiring an additional 49,200 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in Remitly Global during the 3rd quarter valued at $628,000. 74.25% of the stock is currently owned by hedge funds and other 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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