At the last check on Friday, Remitly Global Inc.’s (NASDAQ:RELY) stock was up $0.29, moving up 1.15 percent to $25.44. The average number of shares traded per day over the past five days has been 1,166,890 shares. 2 times new highs have been achieved over the past 5 days, with a $0.53 gain in that time frame. In the last twenty days, the average volume was 1,261,402, while in the previous 50 days, it was 1,130,167.
Since last month, RELY stock rose 15.48%. Shares of the company fell to $18.24 on 08/02/23, the lowest level in the past month. A 52-week high of $25.56 was reached on 09/01/23 after having rallying from a 52-week low of $8.94. Since the beginning of this year, RELY’s stock price has risen by 122.18% or $13.98, and marked a new high 42 times. However, the stock has declined by -0.47% since its 52-week high.
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RELY stock investors should be aware that Remitly Global Inc. (RELY) stock had its last reported insider trading activity 2 days ago on Aug 30. Munipalli Hemanth, the Chief Financial Officer of the company, disposed of 31,622 shares for $24.72 on Aug 30. It resulted in a $781,696 divestment by the insider. Sinha Ankur sold 6,126 shares at an average price of $25.34 on Aug 29. The insider now owns 245,939 shares following the transaction. On Aug 28, Chief Operating Officer Hug Joshua sold 22,267 shares at $24.67 apiece. The transaction was valued at $549,309.
Valuation Metrics
The stock’s beta is 0.39. Besides these, the trailing price-to-sales (P/S) ratio of 5.68, the price-to-book (PB) ratio of 8.83.
Financial Health
In the three months ended June 29, Remitly Global Inc.’s quick ratio stood at 3.00, while its current ratio was 3.00, showing that the company is able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 0.07, and the total debt-to-equity ratio was 0.07. On the profitability front, the trailing twelve-month gross margin is 62.90% percent. In the year ended June 29, operating margins totaled -13.10%. Based on annual data, RELY earned $326.63 million in gross profit and brought in $653.56 million in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was -25.40%. Return on equity (ROE) for the past 12 months was -20.40%.
In Remitly Global Inc.’s quarter-end financial report for June 29, it reported total debt of $34.0 million. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. RELY’s revenue rose 32.8% to $203.87 million during the quarter, while net income inched up to $234.03 million. While analysts expected Remitly Global Inc. to report -$0.16 quarterly earnings, the actual figure was -$0.11 per share, beating the consensus estimate by 31.20%. During the quarter, the company generated -$15.04 million in EBITDA. The liabilities of Remitly Global Inc. were 268.79 million at the end of its most recent quarter ended June 29, and its total debt was $49.31 million. The value of shareholders’ equity is $181.2 million.
Technical Picture
This quick technical analysis looks at Remitly Global Inc.’s (RELY) price momentum. With a historical volatility rate of 17.39%, the RSI 9-day stood at 73.81% on 31 August.
With respect to its five-day moving average, the current Remitly Global Inc. price is up by +2.15% percent or $0.53. At present, RELY shares trade +14.11% above its 20-day simple moving average and +45.76% percent above its 100-day simple moving average. However, the stock is currently trading approximately +38.08% above its SMA50 and +145.51% above its SMA200.
Stochastic coefficient K was 84.81% and Stochastic coefficient D was 81.44%, while ATR was 0.94. Given the Stochastic reading of 89.50% for the 14-day period, the RSI (14) reading has been calculated as 70.22%. As of today, the MACD Oscillator reading stands at 0.24, while the 14-day reading stands at 0.71.
Analyst Ratings
Wolfe Research upgraded its rating on Remitly Global Inc. (NASDAQ: RELY) to an Outperform in a note to investors on August 04, 2023. The analysts firm previously had a Peer perform rating on the stock.Remitly Global Inc. (RELY) has been rated Buy by analysts. According to 0 brokerage firms, RELY is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 1 analyst rate Remitly Global Inc. stock as buy, with 7 recommending it as overweight.
With a median target price of $26.00, the current consensus forecast for the stock is $25.00 – $34.00. Based on these forecasts, analysts predict Remitly Global Inc. (RELY) will achieve an average price target of $27.43.
