Remitly Global Inc. (NASDAQ:RELY) has seen 1.29 million shares traded in the last trading session. The company, currently valued at $1.99B, closed the last trade at $11.85 per share which meant it lost -$0.54 on the day or -4.36% during that session. The RELY stock price is -14.68% off its 52-week high price of $13.59 and 43.8% above the 52-week low of $6.66. If we look at the company’s 10-day average daily trading volume, we find that it stood at 0.57 million shares traded. The 3-month trading volume is 860.81K shares.
The consensus among analysts is that Remitly Global Inc. (RELY) is a Buy stock at the moment, with a recommendation rating of 1.60. 0 analysts rate the stock as a Sell, while 1 rate it as Overweight. 0 out of 8 have rated it as a Hold, with 7 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is -$0.14.
Remitly Global Inc. (NASDAQ:RELY) trade information
Sporting -4.36% in the red in last session, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 01/24/23 when the RELY stock price touched $11.85 or saw a rise of 5.5%. Year-to-date, Remitly Global Inc. shares have moved 3.49%, while the 5-day performance has seen it change -1.90%. Over the past 30 days, the shares of Remitly Global Inc. (NASDAQ:RELY) have changed 24.61%. Short interest in the company has seen 4.89 million shares shorted with days to cover at 3.76.
Wall Street analysts have a consensus price target for the stock at $15.00, which means that the shares’ value could jump 21.0% from current levels. The projected low price target is $12.00 while the price target rests at a high of $19.00. In that case, then, we find that the current price level is -60.34% off the targeted high while a plunge would see the stock gain -1.27% from current levels.
Remitly Global Inc. (RELY) estimates and forecasts
Figures show that Remitly Global Inc. shares have underperformed across the wider relevant industry. The company’s shares have gained 27.97% over the past 6 months, with this year growth rate of -23.44%, compared to 13.70% for the industry. Other than that, the company has, however, lowered its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 65.90% and -50.00% for the next quarter. Revenue growth from the last financial year stood is estimated to be 37.30%.
6 analysts offering their estimates for the company have set an average revenue estimate of $162.86 million for the current quarter. 6 have an estimated revenue figure of $173.95 million for the next quarter concluding in Dec 2022. Year-ago sales stood $108.78 million and $135.25 million respectively for this quarter and the next, and analysts expect sales will grow by 49.70% for the current quarter and 28.60% for the next.
Remitly Global Inc. is expected to release its next earnings report on November 02 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Remitly Global Inc. (NASDAQ:RELY)’s Major holders
Insiders own 19.35% of the company shares, while shares held by institutions stand at 63.97% with a share float percentage of 79.32%. Investors are also buoyed by the number of investors in a company, with Remitly Global Inc. having a total of 167 institutions that hold shares in the company. The top two institutional holders are Naspers Ltd. with over 37.34 million shares worth more than $286.04 million. As of Jun 29, 2022, Naspers Ltd. held 22.22% of shares outstanding.
The other major institutional holder is Generation Investment Management LLP, with the holding of over 11.08 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $84.84 million and represent 6.59% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and JP Morgan Mid Cap Growth Fund. As of Jun 29, 2022, the former fund manager holds about 1.45% shares in the company for having 2.44 million shares of worth $18.7 million while later fund manager owns 2.18 million shares of worth $16.7 million as of Jun 29, 2022, which makes it owner of about 1.30% of company’s outstanding stock.