Remitly Global (NASDAQ:RELY) Sets New 52-Week High – Still a Buy?

Remitly Global, Inc. (NASDAQ:RELY) 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RELY shares. Barclays boosted their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. 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. JMP Securities increased 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. Finally, Wells Fargo & Company increased their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. One research 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.75.

Remitly Global Stock Performance

The firm has a market cap of $5.35 billion, a price-to-earnings ratio of -77.24 and a beta of 0.07. The stock’s fifty day moving average is $23.29 and its two-hundred day moving average is $18.41.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated 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 $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Joshua Hug sold 22,198 shares of the firm’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 completion of the transaction, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,059 shares of company stock worth $1,489,808. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock valued at $7,103,000 after acquiring an additional 72,687 shares in the last quarter. Washington Harbour Partners LP bought a new position in Remitly Global during the fourth quarter valued at approximately $2,009,000. Vident Advisory LLC raised its position in Remitly Global by 56.6% during the fourth quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider’s stock valued at $1,946,000 after acquiring an additional 31,145 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Remitly Global by 42.1% in the fourth quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider’s stock valued at $855,000 after purchasing an additional 11,219 shares during the period. Finally, Silvercrest Asset Management Group LLC bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $5,274,000. Institutional investors 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.