Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.18 and last traded at $22.10, with a volume of 183077 shares changing hands. The stock had previously closed at $21.72.
Analyst Ratings Changes
Several analysts have recently commented on the stock. BMO Capital Markets raised their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 18th. KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note 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 note on Monday, November 18th. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, JMP Securities boosted their target price on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average target price of $22.75.
Read Our Latest Report on RELY
Remitly Global Price Performance
The company has a market cap of $4.23 billion, a P/E ratio of -61.09 and a beta of 0.10. The stock has a fifty day moving average price of $18.37 and a two-hundred day moving average price of $15.08.
Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) EPS. The company's revenue was up 39.3% compared to the same quarter last year. Equities analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company's stock, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares of the company's stock, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,012 shares of company stock valued at $1,435,212. Company insiders own 8.10% of the company's stock.
Institutional Investors Weigh In On Remitly Global
Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. purchased a new stake in Remitly Global during the second quarter valued at about $43,000. Advisors Asset Management Inc. increased its stake in Remitly Global by 58.7% in the 3rd 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 in the third quarter valued at approximately $76,000. FMR LLC boosted its stake in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC grew its holdings in shares of Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after purchasing an additional 8,700 shares during the last quarter. 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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