Remitly Global Inc (NASDAQ:RELY) shares traded 2.50% higher at $13.51 on Wall Street last session.
RELY stock price is now -19.68% away from the 50-day moving average and -33.71% away from the 200-day moving average. The market capitalization of the company currently stands at $2.60B.
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With the price target enhanced from $24 to $28, BMO Capital Markets Upgraded its rating from Market Perform to Outperform for Remitly Global Inc (NASDAQ: RELY). On January 17, 2024, Wells Fargo recently initiated its ‘Underweight’ rating on the stock quoting a target price of $16, while ‘BMO Capital Markets’ rates the stock as ‘Market Perform’
In other news, Hug Joshua, Vice Chair sold 26,239 shares of the company’s stock on May 29 ’24. The stock was sold for $347,013 at an average price of $13.23. Upon completion of the transaction, the Vice Chair now directly owns 3,873,631 shares in the company, valued at $52.33 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 15 ’24, EVP, Customer and Culture Yoakum Rene sold 15,000 shares of the business’s stock. A total of $213,530 was realized by selling the stock at an average price of $14.24. This leaves the insider owning 81,137 shares of the company worth $1.1 million. A total of 28.03% of the company’s stock is owned by insiders.
During the past 12 months, Remitly Global Inc has had a low of $12.71 and a high of $27.95. The fifty day moving average price for RELY is $16.6733 and a two-hundred day moving average price translates $20.326824 for the stock.
The latest earnings results from Remitly Global Inc (NASDAQ: RELY) was released for 2024-03-31. The net profit margin was -10.96% and return on equity was -21.17% for RELY. The company reported revenue of $269.12 million for the quarter, compared to $203.87 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 32.01 percent.
