Remitly Global Inc (NASDAQ: RELY) stock fell -1.59% on Monday to $21.73 against a previous-day closing price of $22.08. With 1.03 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.67 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $22.42 whereas the lowest price it dropped to was $21.69. The 52-week range on RELY shows that it touched its highest point at $27.95 and its lowest point at $8.94 during that stretch. It currently has a 1-year price target of $29.57. Beta for the stock currently stands at 0.16.
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 4.62%, but this was down by -17.22% over a month. Three-month performance dropped to -12.73% while six-month performance rose 15.89%. The stock gained 115.79% in the past year, while it has gained 89.78% so far this year. A look at the trailing 12-month EPS for RELY yields -0.58 with Next year EPS estimates of 0.39. For the next quarter, that number is 0.01. This implies an EPS growth rate of 237.74% for this year and 149.94% for next year.
Float and Shares Shorts:
At present, 173.25 million RELY shares are outstanding with a float of 130.36 million shares on hand for trading. On Oct 30, 2023, short shares totaled 5.26 million, which was 2.84% higher than short shares on Sep 28, 2023. In addition to Mr. Matthew B. Oppenheimer as the firm’s Co-Founder, CEO, President & Director, Mr. Joshua Hug serves as its Co-Founder, COO & Director.
Through their ownership of 71.79% of RELY’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 31.62% of RELY, in contrast to 21.95% held by mutual funds. Shares owned by individuals account for 12.47%. As the largest shareholder in RELY with 6.21% of the stake, The Vanguard Group, Inc. holds 11,258,910 shares worth 11,258,910. A second-largest stockholder of RELY, JPMorgan Investment Management, I, holds 9,162,070 shares, controlling over 5.06% of the firm’s shares. Generation Investment Management is the third largest shareholder in RELY, holding 7,992,320 shares or 4.41% stake. With a 2.21% stake in RELY, the Baillie Gifford Investment Funds is the largest stakeholder. A total of 4,007,000 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.04% of RELY stock, is the second-largest Mutual Fund holder. It holds 3,698,967 shares valued at 99.61 million. JPMorgan Mid Cap Growth Fund holds 1.94% of the stake in RELY, owning 3,511,324 shares worth 94.56 million.
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 $29.57. Based on these targets, RELY could surge 56.47% to reach the target high and rise by 15.05% to reach the target low. Reaching the average price target will result in a growth of 36.08% from current levels.
Summary of Insider Activity:
Insiders traded RELY stock several times over the past three months with 10 Buys and 10 Sells. In these transactions, 326,562 shares were bought while 179,430 shares were sold. The number of buy transactions has increased to 62 while that of sell transactions has risen to 36 over the past year. The total number of shares bought during that period was 2,552,827 while 2,411,176 shares were sold.