Remitly Global (NASDAQ:RELY) Reaches New 1-Year High – Still a Buy?

Shares of 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 trading hands. The stock had previously closed at $27.14.

Wall Street Analyst Weigh In

RELY has been the topic of a number of recent research reports. Barclays raised their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. KeyCorp boosted their price target 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 increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday. Finally, JMP Securities increased their price target 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. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Remitly Global Trading Down 0.5 %

The company has a 50-day moving average of $23.49 and a 200-day moving average of $18.55. The firm has a market capitalization of $5.11 billion, a P/E ratio of -73.69 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Research analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 22,198 shares of the company’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 directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after purchasing an additional 380,159 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after buying an additional 49,281 shares in the last quarter. 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.