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Remitly Global Inc. (NASDAQ:RELY) Could See A -0.38% Or Even More Loss In Stock Price

Remitly Global Inc. (NASDAQ:RELY)’s traded shares stood at 1.51 million during the last session. At the close of trading, the stock’s price was $15.86, to imply an increase of 4.00% or $0.61 in intraday trading. The RELY share’s 52-week high remains $15.92, putting it -0.38% down since that peak but still an impressive 58.01% since price per share fell to its 52-week low of $6.66. The company has a valuation of $2.79B, with an average of 1.64 million shares in intraday trading volume over the past 10 days and average of 1.06 million shares over the past 3 months.

Analysts have given a consensus recommendation of a Buy for Remitly Global Inc. (RELY), translating to a mean rating of 1.60. Of 8 analyst(s) looking at the stock, 0 analyst(s) give RELY a Sell rating. 1 of those analysts rate the stock as Overweight while 0 advise Hold as 7 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.14.

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Remitly Global Inc. (NASDAQ:RELY) trade information

After registering a 4.00% upside in the last session, Remitly Global Inc. (RELY) has traded red over the past five days. The stock hit a weekly high of 15.92 this Thursday, 03/16/23, jumping 4.00% in its intraday price action. The 5-day price performance for the stock is 3.46%, and 28.11% over 30 days. With these gigs, the year-to-date price performance is 38.52%. Short interest in Remitly Global Inc. (NASDAQ:RELY) saw shorts transact 2.76 million shares and set a 3.47 days time to cover.

Analysts on Wall Street suggest a consensus price target of $16.79, implying an increase of 5.54% to the stock’s current value. The extremes give us $14.50 and $20.00 for target low and target high price respectively. As such, RELY has been trading -26.1% off suggested target high and 8.58% from its likely low.

Remitly Global Inc. (RELY) estimates and forecasts

Looking at statistics comparing Remitly Global Inc. share performance against respective industry, we note that the company has underperformed competitors. Remitly Global Inc. (RELY) shares are 32.17% up over the last 6 months, with its year-to-date growth rate lower than industry average at 5.88% against 13.10%. The rating firms project that company’s revenue will grow 40.20% compared to the previous financial year.

Revenue forecast for the current quarter as set by 5 analysts is $180.82 million. Meanwhile, for the quarter ending Mar 2023, a total of 5 analyst(s) estimate revenue growth to $190.31 million.Earnings reports from the last fiscal year show that sales brought in $135.25 million and $136.01 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 33.70% before jumping 39.90% in the following quarter.

RELY Dividends

Remitly Global Inc. has its next earnings report out on February 22. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Remitly Global Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Remitly Global Inc. (NASDAQ:RELY)’s Major holders

Remitly Global Inc. insiders hold 19.43% of total outstanding shares, with institutional holders owning 66.18% of the shares at 82.14% float percentage. In total, 66.18% institutions holds shares in the company, led by Naspers Ltd. As of Sep 29, 2022, the company held over 37.34 million shares (or 21.88% of shares), all amounting to roughly $415.24 million.

The next major institution holding the largest number of shares is Generation Investment Management LLP with 11.08 million shares, or about 6.49% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $123.16 million.

We also have JP Morgan Mid Cap Growth Fund and Vanguard Total Stock Market Index Fund as the top two Mutual Funds with the largest holdings of the Remitly Global Inc. (RELY) shares. Going by data provided on Sep 29, 2022, JP Morgan Mid Cap Growth Fund holds roughly 3.02 million shares. This is just over 1.77% of the total shares, with a market valuation of $33.63 million. Data from the same date shows that the other fund manager holds a little less at 2.66 million, or 1.56% of the shares, all valued at about 29.57 million.

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