Remitly Global Inc. (NASDAQ: RELY) stock fell -2.08% on Tuesday to $18.36 against a previous-day closing price of $18.75. With 0.78 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.17 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $18.83 whereas the lowest price it dropped to was $18.17. The 52-week range on RELY shows that it touched its highest point at $19.28 and its lowest point at $7.56 during that stretch. It currently has a 1-year price target of $21.60.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RELY was down-trending over the past week, with a drop of -0.86%, but this was up by 3.09% over a month. Three-month performance surged to 57.60% while six-month performance rose 74.69%. The stock gained 78.43% in the past year, while it has gained 60.35% so far this year. A look at the trailing 12-month EPS for RELY yields -0.70 with Next year EPS estimates of -0.60. For the next quarter, that number is -0.17. This implies an EPS growth rate of -188.00% for this year and 7.70% for next year.
Float and Shares Shorts:
At present, 175.11 million RELY shares are outstanding with a float of 138.15 million shares on hand for trading. On Apr 27, 2023, short shares totaled 3.98 million, which was 2.24% higher than short shares on Mar 30, 2023. In addition to Mr. Matthew B. Oppenheimer as the firm’s Co-Founder, CEO, Pres & Director, Mr. Joshua Hug serves as its Co-Founder, COO & Director.
Institutional Ownership:
Through their ownership of 67.74% of RELY’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 24.56% of RELY, in contrast to 23.00% held by mutual funds. Shares owned by individuals account for 11.99%. As the largest shareholder in RELY with 5.32% of the stake, Generation Investment Management holds 9,260,988 shares worth 9,260,988. A second-largest stockholder of RELY, JPMorgan Investment Management, I, holds 8,954,155 shares, controlling over 5.14% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in RELY, holding 8,496,999 shares or 4.88% stake. With a 1.88% stake in RELY, the JPMorgan Mid Cap Growth Fund is the largest stakeholder. A total of 3,274,923 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 1.84% of RELY stock, is the second-largest Mutual Fund holder. It holds 3,207,750 shares valued at 53.89 million. Vanguard Small Cap Index Fund holds 1.54% of the stake in RELY, owning 2,681,269 shares worth 45.05 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, RELY reported revenue of $157.25M and operating income of -$39.38M. The EBITDA in the recently reported quarter was -$35.74M and diluted EPS was -$0.23.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RELY since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RELY analysts setting a high price target of $23.00 and a low target of $21.00, the average target price over the next 12 months is $21.50. Based on these targets, RELY could surge 25.27% to reach the target high and rise by 14.38% to reach the target low. Reaching the average price target will result in a growth of 17.1% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded RELY stock several times over the past three months with 10 Buys and 4 Sells. In these transactions, 450,358 shares were bought while 106,904 shares were sold. The number of buy transactions has increased to 32 while that of sell transactions has risen to 16 over the past year. The total number of shares bought during that period was 581,627 while 740,378 shares were sold.
