In yesterday’s Wall Street session, Remitly Global Inc. (NASDAQ:RELY) shares traded at $22.03, up 20.58% from the previous session.
As of this writing, 8 analysts cover Remitly Global Inc. (NASDAQ:RELY). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $26.00 and a low of $21.00, we find $25.00. Given the previous closing price of $18.27, this indicates a potential upside of 36.84 percent. RELY stock price is now 16.62% away from the 50-day moving average and 49.63% away from the 200-day moving average. The market capitalization of the company currently stands at $3.84B.
There are 1 analysts who have given it a hold rating, whereas 6 have given it a buy rating. Brokers who have rated the stock have averaged $24.17 as their price target over the next twelve months.
In other news, Hug Joshua, Chief Operating Officer sold 47,365 shares of the company’s stock on Jul 24. The stock was sold for $952,662 at an average price of $20.11. Upon completion of the transaction, the Chief Operating Officer now directly owns 4,053,631 shares in the company, valued at $89.3 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 17, EVP, Customer and Culture Yoakum Rene sold 15,000 shares of the business’s stock. A total of $295,576 was realized by selling the stock at an average price of $19.71. This leaves the insider owning 22,927 shares of the company worth $0.51 million. Insiders disposed of 846,592 shares of company stock worth roughly $18.65 million over the past 1 year. A total of 2.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RELY stock. A new stake in Remitly Global Inc. shares was purchased by FULLER & THALER ASSET MANAGEMENT, INC. during the first quarter worth $16,921,000. G2 INVESTMENT PARTNERS MANAGEMENT LLC invested $15,095,000 in shares of RELY during the first quarter. In the first quarter, FEDERATED HERMES, INC. acquired a new stake in Remitly Global Inc. valued at approximately $9,227,000. HILLSDALE INVESTMENT MANAGEMENT INC. acquired a new stake in RELY for approximately $7,440,000. DRIEHAUS CAPITAL MANAGEMENT LLC purchased a new stake in RELY valued at around $5,434,000 in the second quarter. In total, there are 230 active investors with 71.80% ownership of the company’s stock.
During the past 12 months, Remitly Global Inc. has had a low of $8.94 and a high of $20.39. As of last week, the company has a debt-to-equity ratio of 0.01, a current ratio of 3.10, and a quick ratio of 3.10. The fifty day moving average price for RELY is $18.96 and a two-hundred day moving average price translates $14.78 for the stock.
The latest earnings results from Remitly Global Inc. (NASDAQ: RELY) was released for Jun, 2023. According to the Software – Infrastructure Company, earnings per share came in at -$0.11, beating analysts’ expectations of -$0.16 by 0.05. This compares to -$0.14 EPS in the same period last year. The net profit margin was -16.50% and return on equity was -24.90% for RELY. The company reported revenue of $203.87 million for the quarter, compared to $136.01 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 49.89 percent. For the current quarter, analysts expect RELY to generate $228.85M in revenue.
Remitly Global Inc.(RELY) 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.
