Remitly Global (NASDAQ:RELY) Share Price Breaks Above 50 Day Moving Average Following Insider Selling

Key Points

• Remitly shares rose 7.4% and moved above their 50-day moving average, trading as high as $24.10 compared with the $23.54 average.
• The company reported quarterly EPS of $0.30, double the $0.15 consensus estimate, while revenue of $509.84 million topped forecasts and grew 21.5% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with a $27.78 average price target; views include nine Buy ratings, one Strong Buy, and two Holds.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) passed above its 50-day moving average during trading on Monday after an insider bought additional shares in the company. The stock has a 50-day moving average of $23.54 and traded as high as $24.10. Remitly Global shares last traded at $23.97, with a volume of 3,111,135 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings lowered shares of Remitly Global from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 30th. Wolfe Research boosted their price objective 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. Finally, Citizens Jmp upped their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $27.78.

Remitly Global Trading Up 7.4%

The stock has a market capitalization of $5.07 billion, a P/E ratio of 14.53 and a beta of 0.46. The company has a fifty day simple moving average of $23.54 and a two-hundred day simple moving average of $20.76.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.15. Remitly Global had a net margin of 19.14% and a return on equity of 37.93%. The company had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. During the same quarter last year, the firm earned $0.04 EPS. The company's revenue for the quarter was up 21.5% on a year-over-year basis. As a group, analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Remitly Global during the 2nd quarter worth $410,752,000. Bank of America Corp DE grew its stake in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock worth $80,759,000 after purchasing an additional 4,252,294 shares during the period. Generation Investment Management LLP acquired a new stake in shares of Remitly Global during the second quarter worth $109,637,000. Dimensional Fund Advisors LP increased its holdings in Remitly Global by 12.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider's stock valued at $49,142,000 after purchasing an additional 350,595 shares during the last quarter. Finally, Lead Edge Capital Management LLC bought a new stake in Remitly Global in the second quarter valued at about $60,232,971. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Company Profile

Remitly Global, Inc operates a digital financial services platform focused on international money transfers. Through its website and mobile app, customers can send money across borders, with delivery options that may include bank deposits, mobile wallets, cash pickup, and home delivery, depending on the destination.

The company serves customers sending money from markets in North America, Europe, and the Asia-Pacific region to recipients around the world. Its services are designed in particular for people sending funds to family and other recipients in their countries of origin.

Founded in 2011, Remitly is headquartered in Seattle, Washington.

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