Remitly Global (NASDAQ:RELY) Hits New 1-Year High – Here’s Why

Remitly Global, Inc. (NASDAQ:RELY) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $25.74 and last traded at $25.73, with a volume of 498525 shares changing hands. The stock had previously closed at $25.40.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. JMP Securities boosted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Barclays boosted their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Remitly Global Trading Down 0.7 %

The company has a fifty day moving average price of $22.94 and a two-hundred day moving average price of $18.09. The company has a market cap of $4.96 billion, a price-to-earnings ratio of -71.57 and a beta of 0.07.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This 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 have sold 67,059 shares of company stock worth $1,489,808. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. lifted its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new stake in Remitly Global during the 3rd quarter valued at approximately $76,000. R Squared Ltd purchased a new position in Remitly Global during the fourth quarter valued at $89,000. Finally, FMR LLC lifted its position in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Company Profile

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.