Remitly Global (NASDAQ:RELY) Stock Price Crosses Above 50 Day Moving Average on Insider Selling

Remitly Global, Inc. (NASDAQ:RELY)’s share price passed above its fifty day moving average during trading on Monday following insider buying activity. The stock has a fifty 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.

Analysts Set New Price Targets

A number of brokerages have recently commented on RELY. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Remitly Global in a research note on Monday. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Weiss Ratings downgraded shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $27.78.

Remitly Global Stock Up 7.4%

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

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

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently modified their holdings of RELY. IFP Advisors Inc boosted its stake in shares of Remitly Global by 59.1% during the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock worth $32,000 after buying an additional 527 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Remitly Global in the 1st quarter valued at about $26,000. Nykredit A S acquired a new stake in shares of Remitly Global in the second quarter valued at about $40,000. GAMMA Investing LLC increased its position in shares of 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 acquiring an additional 677 shares during the last quarter. Finally, USA Financial Formulas acquired a new stake in shares of Remitly Global in the third quarter valued at about $70,000. Institutional investors own 74.25% of the company’s stock.

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.