Remitly Global (NASDAQ:RELY) Hits New 12-Month High - Should You Buy?

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $25.74 and last traded at $25.73, with a volume of 498525 shares trading hands. The stock had previously closed at $25.40.

Analysts Set New Price Targets

Several research analysts recently commented on RELY shares. KeyCorp increased their price objective on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Wells Fargo & Company upped 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. Barclays upped their target price on Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and an average target price of $23.75.

Remitly Global Trading Up 3.6 %

The firm has a market capitalization of $5.37 billion, a PE ratio of -77.79 and a beta of 0.07. The business has a fifty day moving average price of $22.94 and a two-hundred day moving average price of $18.09.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the 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 transaction, the insider now owns 3,873,811 shares of the company's stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,059 shares of company stock worth $1,489,808. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Several hedge funds have recently bought and sold shares of RELY. Principal Financial Group Inc. raised its position in Remitly Global by 10,213.8% in the 3rd 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 in the last quarter. M&T Bank Corp acquired a new stake in Remitly Global in the 3rd quarter valued at about $693,000. DHK Financial Advisors Inc. acquired a new stake in Remitly Global in the 4th quarter valued at about $273,000. Robeco Institutional Asset Management B.V. raised its position in Remitly Global by 8.8% in 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 purchasing an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Remitly Global in the 3rd quarter valued at about $628,000. Institutional investors and hedge funds own 74.25% of the company's stock.

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.