Remitly Global (NASDAQ:RELY) Sets New 1-Year High on Analyst Upgrade

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report)'s share price reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $23.00 to $28.00. Barclays currently has an overweight rating on the stock. Remitly Global traded as high as $24.18 and last traded at $23.98, with a volume of 90872 shares traded. The stock had previously closed at $23.84.

Several other brokerages have also commented on RELY. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company increased their price objective on Remitly Global from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.75.

Insider Buying and Selling at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now owns 4,387,845 shares of the company's stock, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,476 shares of company stock valued at $1,122,171 in the last 90 days. 8.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RELY. Baillie Gifford & Co. lifted its position in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after purchasing an additional 150,602 shares during the last quarter. Massachusetts Financial Services Co. MA raised 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 valued at $48,980,000 after buying an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC raised 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 valued at $47,578,000 after buying an additional 431,987 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock worth $46,601,000 after acquiring an additional 107,468 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in 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 worth $27,058,000 after acquiring an additional 2,001,198 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

The stock has a 50 day moving average of $22.57 and a 200 day moving average of $17.73. The firm has a market cap of $5.03 billion, a P/E ratio of -72.57 and a beta of 0.07.

Remitly Global Company Profile

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.