Remitly Global (NASDAQ:RELY) Hits New 1-Year High - Here's What Happened

Key Points

• Remitly Global shares hit a new 52-week high of $27.15, last trading near $26.93, amid broadly positive analyst sentiment. The stock has a consensus “Buy” rating and a $27.78 price target.
• The company reported a strong quarter, with EPS of $0.93 versus the $0.12 estimate and revenue of $495.16 million, up 20.2% year over year and above expectations.
• Insiders have sold 502,771 shares worth approximately $12.3 million over the past 90 days, while institutional investors own 74.25% of the stock.

Shares of Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $27.15 and last traded at $26.9310, with a volume of 2681779 shares traded. The stock had previously closed at $25.71.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of analyst reports. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Cantor Fitzgerald raised their price objective on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Zacks Research upgraded Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Citizens Jmp increased their target price on Remitly Global from $30.00 to $32.00 and gave the company a "market outperform" rating in a research note on Thursday, August 6th. Finally, Wolfe Research raised their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $27.78.

Remitly Global Price Performance

The company has a fifty day moving average of $24.22 and a 200 day moving average of $20.57. The stock has a market cap of $5.69 billion, a P/E ratio of 19.35 and a beta of 0.36.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 EPS. As a group, analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 69,818 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the transaction, the director owned 261,094 shares in the company, valued at approximately $6,146,152.76. The trade was a 21.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the transaction, the chief financial officer directly owned 943,735 shares of the company's stock, valued at $24,678,670.25. This represents a 2.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 502,771 shares of company stock worth $12,328,147 over the last 90 days. 6.53% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of institutional investors have recently modified their holdings of RELY. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the 1st quarter worth approximately $26,000. Nykredit A S purchased a new position in Remitly Global during the 2nd quarter worth approximately $40,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global during the fourth quarter worth approximately $28,000. GAMMA Investing LLC lifted its stake in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after buying an additional 677 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

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.

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