Remitly Global (NASDAQ:RELY) Reaches New 52-Week High - Time to Buy?

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $23.86 and last traded at $23.51, with a volume of 357430 shares traded. The stock had previously closed at $23.16.

Analyst Ratings Changes

Several research firms have weighed in on RELY. Wells Fargo & Company raised their target price on Remitly Global from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Finally, JMP Securities upped their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.13.

Remitly Global Trading Down 1.0 %

The business's fifty day simple moving average is $22.20 and its two-hundred day simple moving average is $17.35. The stock has a market capitalization of $4.65 billion, a P/E ratio of -67.10 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 business had revenue of $336.53 million during the quarter, compared to analysts' expectations of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm's revenue was up 39.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) earnings per share. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now owns 151,576 shares of the company's stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction dated 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 sale, the insider now 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,476 shares of company stock worth $1,202,171. Company insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider's stock valued at $25,843,000 after purchasing an additional 435,827 shares during the period. Marshall Wace LLP bought a new position in Remitly Global during the 2nd quarter worth $2,560,000. Squarepoint Ops LLC bought a new stake in shares of Remitly Global in the second quarter valued at approximately $2,602,000. The Manufacturers Life Insurance Company grew its stake in Remitly Global by 9.7% during the second quarter. The Manufacturers Life Insurance Company now owns 85,391 shares of the financial services provider's stock worth $1,035,000 after buying an additional 7,549 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Remitly Global during the 2nd quarter worth $921,000. Institutional investors and hedge funds own 74.25% of the company's stock.

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.