Remitly Global (NASDAQ:RELY) Shares Gap Up - Time to Buy?

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $19.53, but opened at $20.48. Remitly Global shares last traded at $21.25, with a volume of 1,231,240 shares.

Analyst Ratings Changes

A number of research firms have recently issued reports on RELY. Wells Fargo & Company boosted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Barclays increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. BMO Capital Markets boosted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Price Performance

The stock's 50-day simple moving average is $21.12 and its two-hundred day simple moving average is $21.98. The firm has a market capitalization of $4.24 billion, a P/E ratio of -109.52 and a beta of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The company had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business's revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. On average, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the transaction, the director now directly owns 102,257 shares of the company's stock, valued at $2,079,907.38. This represents a 4.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $22.44, for a total value of $327,242.52. Following the completion of the transaction, the chief executive officer now owns 4,271,181 shares in the company, valued at $95,845,301.64. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,084,968 shares of company stock worth $276,321,392 over the last quarter. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Allspring Global Investments Holdings LLC acquired a new position in Remitly Global during the fourth quarter worth about $1,228,000. Rhumbline Advisers grew its stake in shares of Remitly Global by 2.9% in the 4th quarter. Rhumbline Advisers now owns 208,489 shares of the financial services provider's stock valued at $4,706,000 after purchasing an additional 5,921 shares during the period. Baillie Gifford & Co. increased its holdings in Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after purchasing an additional 150,602 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Remitly Global during the fourth quarter worth about $155,000. Finally, Global Retirement Partners LLC bought a new position in Remitly Global in the 4th quarter valued at about $28,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

About Remitly Global

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.

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