Remitly Global (NASDAQ:RELY) Hits New 1-Year High – Should You Buy?

Remitly Global, Inc. (NASDAQ:RELY)’s share 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. The stock had previously closed at $23.16.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RELY. KeyCorp boosted their price target 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. JMP Securities boosted 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. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Barclays boosted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average target price of $23.13.

Remitly Global Price Performance

The firm’s 50-day moving average is $22.20 and its 200 day moving average is $17.35. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -67.80 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.20) earnings per share. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This trade 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 the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 56,476 shares of company stock valued at $1,202,171. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently bought and sold shares of RELY. Principal Financial Group Inc. increased its stake in Remitly Global by 10,213.8% during 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 buying an additional 2,001,198 shares during the period. Dimensional Fund Advisors LP grew 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 worth $25,843,000 after purchasing an additional 435,827 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after purchasing an additional 431,987 shares during the last quarter. Barclays PLC grew its stake in shares of Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after purchasing an additional 227,231 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Remitly Global in the 2nd quarter worth approximately $2,602,000. 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.