The stock price of Remitly Global Inc (NASDAQ: RELY) has surged by 2.04 when compared to previous closing price of 13.21, but the company has seen a -0.37% decline in its stock price over the last five trading sessions. globenewswire.com reported 2024-07-19 that SEATTLE, July 19, 2024 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that it will report second quarter 2024 financial results after the market close on Wednesday, July 31, 2024. Management will host a conference call and live webcast to present the Company’s financial results and answer questions from the financial analyst community at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time that same evening. Conference call and webcast information can be found below.
Is It Worth Investing in Remitly Global Inc (NASDAQ: RELY) Right Now?
The 36-month beta value for RELY is also noteworthy at 0.09. There are mixed opinions on the stock, with 0 analysts rating it as a “buy,” 0 rating it as “overweight,” 0 rating it as “hold,” and 0 rating it as “sell.”
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The public float for RELY is 139.91M, and at present, short sellers hold a 8.00% of that float. The average trading volume of RELY on July 23, 2024 was 2.23M shares.
RELY’s Market Performance
The stock of Remitly Global Inc (RELY) has seen a -0.37% decrease in the past week, with a 16.11% rise in the past month, and a -27.17% fall in the past quarter. The volatility ratio for the week is 4.25%, and the volatility levels for the past 30 days are at 3.61% for RELY. The simple moving average for the past 20 days is 6.60% for RELY’s stock, with a -27.19% simple moving average for the past 200 days.
Analysts’ Opinion of RELY
Many brokerage firms have already submitted their reports for RELY stocks, with BMO Capital Markets repeating the rating for RELY by listing it as a “Outperform.” The predicted price for RELY in the upcoming period, according to BMO Capital Markets is $28 based on the research report published on February 22, 2024 of the current year 2024.
Wells Fargo, on the other hand, stated in their research note that they expect to see RELY reach a price target of $16. The rating they have provided for RELY stocks is “Underweight” according to the report published on January 17th, 2024.
BMO Capital Markets gave a rating of “Market Perform” to RELY, setting the target price at $25 in the report published on December 05th of the previous year.
RELY Trading at 2.80% from the 50-Day Moving Average
After a stumble in the market that brought RELY to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -51.77% of loss for the given period.
Volatility was left at 3.61%, however, over the last 30 days, the volatility rate increased by 4.25%, as shares surge +11.59% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -9.29% lower at present.
During the last 5 trading sessions, RELY fell by -0.37%, which changed the moving average for the period of 200-days by -45.05% in comparison to the 20-day moving average, which settled at $12.72. In addition, Remitly Global Inc saw -30.59% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at RELY starting from Hug Joshua, who sale 26,239 shares at the price of $13.23 back on May 29 ’24. After this action, Hug Joshua now owns 3,873,631 shares of Remitly Global Inc, valued at $347,013 using the latest closing price.
Yoakum Rene, the EVP, Customer and Culture of Remitly Global Inc, sale 15,000 shares at $14.24 during a trade that took place back on May 15 ’24, which means that Yoakum Rene is holding 81,137 shares at $213,530 based on the most recent closing price.
Stock Fundamentals for RELY
Current profitability levels for the company are sitting at:
- -0.11 for the present operating margin
- 0.62 for the gross margin
The net margin for Remitly Global Inc stands at -0.11. The total capital return value is set at -0.15. Equity return is now at value -21.17, with -12.33 for asset returns.
Based on Remitly Global Inc (RELY), the company’s capital structure generated 0.22 points at debt to capital in total, while cash flow to debt ratio is standing at -0.7. The debt to equity ratio resting at 0.29. The interest coverage ratio of the stock is 10608.0.
Currently, EBITDA for the company is -96.47 million with net debt to EBITDA at 1.38. When we switch over and look at the enterprise to sales, we see a ratio of 2.45. The receivables turnover for the company is 2.21for trailing twelve months and the total asset turnover is 0.94.
Conclusion
In summary, Remitly Global Inc (RELY) has had a bad performance as of late. Analysts have mixed opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
