Remitly Global (NASDAQ:RELY) Sets New 12-Month High – What’s Next?

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

Analyst Ratings Changes

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

Remitly Global Stock Performance

The stock has a fifty day simple moving average of $22.94 and a 200-day simple moving average of $18.09. The stock has a market cap of $4.96 billion, a P/E ratio of -71.57 and a beta of 0.07.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred on 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 directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,059 shares of company stock worth $1,489,808 over the last three months. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in RELY. XTX Topco Ltd lifted its stake in Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares in the last quarter. Claro Advisors LLC grew its holdings in Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after buying an additional 629 shares in the last quarter. Sei Investments Co. raised its position in shares of Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after buying an additional 636 shares in the last quarter. Values First Advisors Inc. lifted its position in Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 653 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Remitly Global by 2.1% during the 4th quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider’s stock valued at $958,000 after purchasing an additional 886 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

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.