Remitly Global (NASDAQ:RELY) Hits New 1-Year High After Analyst Upgrade

Remitly Global, Inc. (NASDAQ:RELY)’s share price hit a new 52-week high 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.

Several other equities research analysts have also weighed in on RELY. KeyCorp raised their target price 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 lifted their price target 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, JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.75.

Insiders Place Their Bets

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated 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 in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,476 shares of company stock worth $1,122,171. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Remitly Global by 10,213.8% in 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 acquiring an additional 2,001,198 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted 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 valued at $47,578,000 after purchasing an additional 431,987 shares during the last quarter. Barclays PLC boosted its holdings in Remitly Global by 19.2% in the third 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 in the last quarter. Portolan Capital Management LLC increased its position in Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock worth $4,727,000 after buying an additional 173,162 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in 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 in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Up 1.6 %

The company has a market cap of $4.80 billion, a price-to-earnings ratio of -69.17 and a beta of 0.07. The business has a 50-day simple moving average of $22.39 and a two-hundred day simple 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.