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

Shares of Remitly Global, Inc. (NASDAQ:RELY) hit a new 52-week high on Tuesday . The company traded as high as $22.93 and last traded at $22.43, with a volume of 1834055 shares trading hands. The stock had previously closed at $22.61.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of recent research reports. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. JMP Securities upped their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets lifted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Barclays upped 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. Finally, KeyCorp boosted their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Remitly Global Stock Performance

The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -64.69 and a beta of 0.10. The business has a fifty day moving average price of $19.26 and a 200 day moving average price of $15.40.

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

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,012 shares of company stock valued at $1,435,212 in the last three months. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Remitly Global by 18.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock worth $799,000 after buying an additional 9,323 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Remitly Global during the 3rd quarter worth about $628,000. Geode Capital Management LLC increased its position in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after acquiring an additional 107,468 shares in the last quarter. Finally, M&T Bank Corp bought a new position in shares of Remitly Global in the third quarter worth about $693,000. 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.