Remitly Global Inc. (NASDAQ: RELY) stock fell -0.04% on Monday to $25.99 against a previous-day closing price of $26.00. With 2.52 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.28 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $26.44 whereas the lowest price it dropped to was $25.62. The 52-week range on RELY shows that it touched its highest point at $26.02 and its lowest point at $8.94 during that stretch. It currently has a 1-year price target of $28.14. Beta for the stock currently stands at 0.39.
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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 up-trending over the past week, with a rise of 2.65%, but this was up by 12.41% over a month. Three-month performance surged to 38.54% while six-month performance rose 62.44%. The stock gained 118.40% in the past year, while it has gained 126.99% so far this year. A look at the trailing 12-month EPS for RELY yields -0.58 with Next year EPS estimates of -0.50. For the next quarter, that number is -0.16. This implies an EPS growth rate of -188.00% for this year and 15.30% for next year.
Float and Shares Shorts:
At present, 179.08 million RELY shares are outstanding with a float of 166.85 million shares on hand for trading. On Aug 30, 2023, short shares totaled 1.84 million, which was 1.02% higher than short shares on Jul 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:
Other institutions hold 26.59% of RELY, in contrast to 20.84% held by mutual funds. Shares owned by individuals account for 11.62%. As the largest shareholder in RELY with 5.79% of the stake, The Vanguard Group, Inc. holds 10,491,286 shares worth 10,491,286. A second-largest stockholder of RELY, JPMorgan Investment Management, I, holds 9,122,772 shares, controlling over 5.04% of the firm’s shares. Generation Investment Management is the third largest shareholder in RELY, holding 8,495,548 shares or 4.69% stake. With a 2.03% stake in RELY, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,679,756 shares are owned by the mutual fund manager. The JPMorgan Mid Cap Growth Fund, which owns about 1.91% of RELY stock, is the second-largest Mutual Fund holder. It holds 3,453,714 shares valued at 86.86 million. Vanguard Small Cap Index Fund holds 1.66% of the stake in RELY, owning 3,015,199 shares worth 75.83 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 Jun 29, 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 $34.00 and a low target of $25.00, the average target price over the next 12 months is $29.00. Based on these targets, RELY could surge 30.82% to reach the target high and fall by -3.81% to reach the target low. Reaching the average price target will result in a growth of 11.58% 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 11 Buys and 5 Sells. In these transactions, 1,498,863 shares were bought while 1,408,716 shares were sold. The number of buy transactions has increased to 52 while that of sell transactions has risen to 27 over the past year. The total number of shares bought during that period was 2,226,265 while 2,237,717 shares were sold.
