Wells Fargo has recently raised Remitly Global Inc (RELY) stock to Equal Weight rating, as announced on October 31, 2024, according to Finviz. Earlier, on February 22, 2024, BMO Capital Markets had raised the stock from a Market Perform to Outperform, setting a price target of $28 for RELY stock. Wells Fargo also initiated Underweight rating with a price target of $16. Additionally, BMO Capital Markets initiated Market Perform rating on December 5, 2023, with a target price of $25. Wolfe Research analysts, in their report published on December 1, 2023, also reduced Peer Perform rating for Remitly Global Inc’s stock. Analyst ratings are significant because they provide insights into stock performance expectations, influencing investor decisions and market sentiment.
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Remitly Global Inc (RELY) Stock Trading Recap
On Monday, Remitly Global Inc (RELY) stock saw a modest uptick, ending the day at $19.73 which represents a slight increase of $0.23 or 1.18% from the prior close of $19.5. The stock opened at $19.71 and touched a low of $19.49 during the day, reaching a high of $20.09. The volume of shares traded was 1.71 million exceeding the average volume of 1.62 million.
RELY Stock Performance and Moving Averages
In recent trading, Remitly Global Inc (RELY) stock price has shown some volatility, fluctuating 4.23% over the last five trades and 49.36% over the past 30 trades. This represents a notable shift from earlier in the year. Over the last six months, the stock has risen by 38.07%, and it has gained 41.33% in the previous three months. Currently, RELY is trading at 20.22%, 33.88%, and 25.37% relative to its 20-Day, 50-Day, and 200-Day Simple Moving Averages, respectively.
As of the latest trading close, RELY, a Technology sector stock, is trading -14.25% below its 52-week high but remains 70.09% above its 52-week low. The Average True Range (ATR) (14 days) of 0.77 highlights the stock’s average volatility, providing insight into how much the price typically fluctuates. This measure is crucial for understanding potential price swings and assessing overall market risk.
Remitly Global Inc’s Profitability and Valuation Ratios
Remitly Global Inc’s profitability metrics reveal strong financial health. The company currently boasts an operating margin of -5.62% and a profit margin of -5.63%, with a gross margin of 38.07%. The profit margin, also known as the revenue ratio or gross profit ratio, measures how efficiently a company converts sales into net income; higher margins indicate greater profitability.
In terms of valuation, Remitly Global Inc’s market capitalization stands at $3.91 billion. Market cap represents the total value of all outstanding shares and is a key indicator of a company’s market value. The forward P/E ratio, which uses projected earnings for the next financial year, is 24.98. Additionally, the Price-to-Sales Ratio is 3.33, reflecting the market’s valuation of the company’s sales, while the Price-to-Book Ratio is 6.19, comparing the market value to the company’s book value.
Understanding Insider Trading
Investors often prefer to invest in shares held by company insiders, as management is typically more aligned with the company’s success and shareholder interests. Currently, insiders own just 25.88% of Remitly Global Inc (RELY)’s shares, while financial institutions hold 61.60%.
Notable insider trades include Yoakum Rene, EVP, Customer and Culture at Remitly Global Inc (RELY), who sold 28133 shares on Nov 06 ’24, at $20.01 each, totaling $0.56 million. On Oct 17 ’24, Oppenheimer Matthew B., Chief Executive Officer, sold 40119 shares for $14.22 each, amounting to $0.57 million. Additionally, on Oct 18 ’24, Oppenheimer Matthew B. sold 10416 shares at $14.97 each, generating $0.16 million.
