why Reliance Global Group Inc. [RELI] is a Good Choice for Investors After New Price Target of $7.00


Reliance Global Group Inc. [NASDAQ: RELI] traded at a high on 08/02/22, posting a 17.52 gain after which it closed the day’ session at $0.96. The company report on August 2, 2022 that Reliance Global Group Projects Q2 2022 Revenue to Approximately Double Compared to the Same Period Last Year.

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via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the second quarter of 2022. The Company currently expects revenue for the second quarter of 2022 to approximately double compared to the same period last year.

Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we expect year-over-year revenues will approximately double compared to the same period last year. This growth is due in part to the acquisitions of Barra & Associates and Medigap. Importantly, both of these businesses are experiencing strong organic growth since we acquired them earlier this year, further validating our buy-and-build strategy, as well as our ability to acquire cash flow positive agencies at attractive multiples.

The results of the trading session contributed to over 17236673 shares changing hands. Over the past one week, the price volatility of Reliance Global Group Inc. stands at 24.08% while the volatility over the past one month is 14.97%.

The market cap for RELI stock reached $15.76 million, with 18.23 million shares outstanding and 9.85 million shares in the current float. Compared to the average trading volume of 257.65K shares, RELI reached a trading volume of 17236673 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Reliance Global Group Inc. [RELI]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RELI shares is $7.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RELI stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

The Average True Range (ATR) for Reliance Global Group Inc. is set at 0.18, with the Price to Sales ratio for RELI stock in the period of the last 12 months amounting to 1.36. The Price to Book ratio for the last quarter was 1.55, with the Price to Cash per share for the same quarter was set at 0.34.

How has RELI stock performed recently?

Reliance Global Group Inc. [RELI] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.44. With this latest performance, RELI shares dropped by -54.11% in over the last four-week period, additionally sinking by -82.05% over the last 6 months – not to mention a drop of -69.69% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RELI stock in for the last two-week period is set at 28.12, with the RSI for the last a single of trading hit 30.28, and the three-weeks RSI is set at 29.27 for Reliance Global Group Inc. [RELI]. The present Moving Average for the last 50 days of trading for this stock 1.9385, while it was recorded at 0.9602 for the last single week of trading, and 3.6300 for the last 200 days.

Reliance Global Group Inc. [RELI]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Reliance Global Group Inc. [RELI] shares currently have an operating margin of -214.05 and a Gross Margin at +58.37. Reliance Global Group Inc.’s Net Margin is presently recorded at -217.28.

Reliance Global Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 0.90.

Insider trade positions for Reliance Global Group Inc. [RELI]

There are presently around $1 million, or 4.80% of RELI stock, in the hands of institutional investors. The top three institutional holders of RELI stocks are: VANGUARD GROUP INC with ownership of 306,498, which is approximately -8.982% of the company’s market cap and around 47.41% of the total institutional ownership; BLACKROCK INC., holding 157,459 shares of the stock with an approximate value of $0.15 million in RELI stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $83000.0 in RELI stock with ownership of nearly 31.841% of the company’s market capitalization.

Positions in Reliance Global Group Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 9 institutional holders increased their position in Reliance Global Group Inc. [NASDAQ:RELI] by around 265,171 shares. Additionally, 9 investors decreased positions by around 1,432,090 shares, while 2 investors held positions by with 990,323 shares. The mentioned changes placed institutional holdings at 706,938 shares, according to the latest SEC report filing. RELI stock had 5 new institutional investments in for a total of 78,473 shares, while 6 institutional investors sold positions of 1,370,953 shares during the same period.