Remitly Global (NASDAQ:RELY) Hits New 52-Week High Following Analyst Upgrade

Remitly Global, Inc. (NASDAQ:RELY) reached a new 52-week high during mid-day trading 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. The stock had previously closed at $23.84.

RELY has been the topic of several other reports. JMP Securities raised their price target 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. Wells Fargo & Company raised 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. Finally, KeyCorp upped their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 52,476 shares of company stock worth $1,122,171. 8.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 2,001,198 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after acquiring an additional 431,987 shares during the last quarter. Barclays PLC boosted its holdings 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 acquiring an additional 227,231 shares in the last quarter. Portolan Capital Management LLC grew its position in Remitly Global by 96.3% during the 3rd quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock worth $4,727,000 after acquiring an additional 173,162 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in 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 worth $48,980,000 after acquiring an additional 169,454 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Up 1.6 %

The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of -69.17 and a beta of 0.07. The stock has a fifty day moving average of $22.39 and a two-hundred day moving average of $17.63.

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.