Remitly Global, Inc. (NASDAQ:RELY – Get Free Report)’s share price hit a new 52-week high on Wednesday. The stock traded as high as $27.75 and last traded at $27.6660, with a volume of 2,300,430 shares. The stock had previously closed at $25.38.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on RELY shares. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp lifted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Citizens Jmp boosted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Cantor Fitzgerald raised their price objective on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.78.
Check Out Our Latest Stock Analysis on Remitly Global
Remitly Global Stock Performance
The firm has a market capitalization of $5.62 billion, a P/E ratio of 19.54 and a beta of 0.46. The stock’s 50 day simple moving average is $23.73 and its 200 day simple moving average is $20.56.
Remitly Global (NASDAQ:RELY – Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same period in the prior year, the business earned $0.03 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.
Insider Activity at Remitly Global
In related news, Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $23.18, for a total value of $127,490.00. Following the completion of the transaction, the director owned 2,653,389 shares in the company, valued at $61,505,557.02. This trade represents a 0.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 6,300 shares of Remitly Global stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the sale, the director directly owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. This represents a 0.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 478,738 shares of company stock valued at $11,874,000 over the last three months. 6.53% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Remitly Global
A number of large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Remitly Global during the 2nd quarter valued at about $410,752,000. Generation Investment Management LLP bought a new position in shares of Remitly Global in the second quarter valued at approximately $109,637,000. Bank of America Corp DE increased its stake in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after acquiring an additional 4,252,294 shares during the period. Lead Edge Capital Management LLC acquired a new position in shares of Remitly Global during the second quarter valued at approximately $60,232,971. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Remitly Global during the third quarter valued at approximately $31,985,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.
About Remitly Global
Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.
Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.
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