Remitly Global Inc (NASDAQ: RELY)’s stock price has gone rise by 1.10 in comparison to its previous close of 13.62, however, the company has experienced a 2.00% increase in its stock price over the last five trading days. globenewswire.com reported 2024-09-04 that SEATTLE, Sept. 04, 2024 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that its management team will present at the 2024 Goldman Sachs Communacopia + Technology Conference
Is It Worth Investing in Remitly Global Inc (NASDAQ: RELY) Right Now?
The stock has a 36-month beta value of 0.10. Opinions on the stock are mixed, with 6 analysts rating it as a “buy,” 3 as “overweight,” 1 as “hold,” and 1 as “sell.”
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The public float for RELY is 143.89M, and at present, short sellers hold a 7.78% of that float. On September 12, 2024, the average trading volume of RELY was 1.79M shares.
RELY’s Market Performance
The stock of Remitly Global Inc (RELY) has seen a 2.00% increase in the past week, with a 2.84% rise in the past month, and a 6.00% gain in the past quarter. The volatility ratio for the week is 3.27%, and the volatility levels for the past 30 days are at 3.13% for RELY. The simple moving average for the last 20 days is -0.35% for RELY’s stock, with a simple moving average of -17.15% for the last 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 2.40% 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 -50.73% of loss for the given period.
Volatility was left at 3.13%, however, over the last 30 days, the volatility rate increased by 3.27%, as shares sank -1.36% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +14.08% upper at present.
During the last 5 trading sessions, RELY rose by +2.00%, which changed the moving average for the period of 200-days by -36.43% in comparison to the 20-day moving average, which settled at $13.81. In addition, Remitly Global Inc saw -29.09% 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 22,018 shares at the price of $13.71 back on Aug 29 ’24. After this action, Hug Joshua now owns 3,873,811 shares of Remitly Global Inc, valued at $301,867 using the latest closing price.
JOSHUA DAVID HUG, the Officer of Remitly Global Inc, proposed sale 22,018 shares at $13.41 during a trade that took place back on Aug 29 ’24, which means that JOSHUA DAVID HUG is holding shares at $295,261 based on the most recent closing price.
Stock Fundamentals for RELY
Current profitability levels for the company are sitting at:
- -0.1 for the present operating margin
- 0.61 for the gross margin
The net margin for Remitly Global Inc stands at -0.1. The total capital return value is set at -0.17. Equity return is now at value -18.97, with -11.97 for asset returns.
Based on Remitly Global Inc (RELY), the company’s capital structure generated 0.04 points at debt to capital in total, while cash flow to debt ratio is standing at -0.42. The debt to equity ratio resting at 0.04. The interest coverage ratio of the stock is -724.61.
Currently, EBITDA for the company is -96.47 million with net debt to EBITDA at 1.83. When we switch over and look at the enterprise to sales, we see a ratio of 2.34. The receivables turnover for the company is 2.26for trailing twelve months and the total asset turnover is 1.14.
Conclusion
To sum up, Remitly Global Inc (RELY) has seen a mixed performance recently. Analysts have differing views on the stock, with some seeing 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.
