Remitly Global (NASDAQ:RELY) Sets New 12-Month High – Should You Buy?

Shares of Remitly Global, Inc. (NASDAQ:RELY) hit a new 52-week high during trading on Wednesday . The company traded as high as $25.00 and last traded at $24.96, with a volume of 4183194 shares trading hands. The stock had previously closed at $23.52.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Cantor Fitzgerald boosted their price target on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, Citizens Jmp increased their target price on Remitly Global from $26.00 to $30.00 and gave the company a “market outperform” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $25.50.

Remitly Global Trading Up 1.1%

The stock has a market cap of $5.31 billion, a P/E ratio of 51.49 and a beta of 0.34. The stock’s 50-day moving average is $21.68 and its 200-day moving average is $17.99.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 earnings per share. On average, equities analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.

Insider Buying and Selling at Remitly Global

In related news, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joshua Hug sold 16,800 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the sale, the director directly owned 3,385,457 shares of the company’s stock, valued at approximately $77,763,947.29. This trade represents a 0.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 187,188 shares of company stock valued at $4,087,718 over the last 90 days. 6.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Baillie Gifford & Co. grew its holdings in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. Bank of America Corp DE boosted its stake in Remitly Global by 471.7% during the 1st 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 purchasing an additional 4,252,294 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Remitly Global by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after acquiring an additional 67,700 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.