In last trading session, Remitly Global Inc. (NASDAQ:RELY) saw 9.52 million shares changing hands with its beta currently measuring 0.39. Company’s recent per share price level of $26.00 trading at $0.75 or 2.97% at ring of the bell on the day assigns it a market valuation of $4.69B. That closing price of RELY’s stock is at a premium of 0.77% from its 52-week high price of $25.80 and is indicating a premium of 65.62% from its 52-week low price of $8.94. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 1.36 million shares which gives us an average trading volume of 1.15 million if we extend that period to 3-months.
For Remitly Global Inc. (RELY), analysts’ consensus is at an average recommendation of a Buy while assigning it a mean rating of 1.60. Splitting up the data highlights that, out of 8 analysts covering the stock, 0 rated the stock as a Sell while 1 recommended an Overweight rating for the stock. 0 suggested the stock as a Hold whereas 7 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of -$0.16 in the current quarter.
Remitly Global Inc. (NASDAQ:RELY) trade information
Upright in the green during last session for gaining 2.97%, in the last five days RELY remained trading in the green while hitting it’s week-highest on Friday, 09/15/23 when the stock touched $26.00 price level, adding 0.08% to its value on the day. Remitly Global Inc.’s shares saw a change of 127.07% in year-to-date performance and have moved 3.17% in past 5-day. Remitly Global Inc. (NASDAQ:RELY) showed a performance of 12.80% in past 30-days. Number of shares sold short was 1.89 million shares which calculate 1.34 days to cover the short interests.
Wall Street analysts have assigned a consensus price target of $28.14 to the stock, which implies a rise of 7.6% to its current value. Analysts have been projecting $25.00 as a low price target for the stock while placing it at a high target of $34.00. It follows that stock’s current price would drop -30.77% in reaching the projected high whereas dropping to the targeted low would mean a gain of 3.85% for stock’s current value.
Remitly Global Inc. (RELY) estimates and forecasts
Statistics highlight that Remitly Global Inc. is scoring comparatively higher than the scores of other players of the relevant industry. The company added 63.93% of value to its shares in past 6 months, showing an annual growth rate of 13.24% while that of industry is 11.90. Apart from that, the company came raising its revenue forecast for fiscal year 2023. The company is estimating its revenue growth to increase by 20.00% in the current quarter and calculating -45.50% decrease in the next quarter. This year revenue growth is estimated to rise 41.80% from the last financial year’s standing.
6 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $237.87 million for the same. And 6 analysts are in estimates of company making revenue of $251.42 million in the next quarter that will end on Dec 2023. Company posted $169.26 million and $191.03 million of sales in current and next quarters respectively a year earlier. Analysts are expecting this quarter sales to grow by 40.50% while estimating it to be 31.60% for the next quarter.
Remitly Global Inc. is more likely to be releasing its next quarterly report between November 02 and November 06 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.
Remitly Global Inc. (NASDAQ:RELY)’s Major holders
Insiders are in possession of 7.17% of company’s total shares while institution are holding 71.79 percent of that, with stock having share float percentage of 77.33%. Investors also watch the number of corporate investors in a company very closely, which is 71.79% institutions for Remitly Global Inc. that are currently holding shares of the company. Naspers Ltd. is the top institutional holder at RELY for having 37.34 million shares of worth $970.89 million. And as of Jun 29, 2023, it was holding 20.61% of the company’s outstanding shares.
The second largest institutional holder is Vanguard Group Inc, which was holding about 10.75 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 5.93% of outstanding shares, having a total worth of $279.55 million.
On the other hand, Vanguard Total Stock Market Index Fund and JP Morgan Mid Cap Growth Fund are the top two Mutual Funds which own company’s shares. As of Jun 29, 2023, the former fund manager was holding 3.69 million shares of worth $95.92 million or 2.04% of the total outstanding shares. The later fund manager was in possession of 3.43 million shares on Jun 29, 2023, making its stake of worth around $89.26 million in the company or a holder of 1.89% of company’s stock.