Remitly Global Inc. [RELY] Stock trading around $11.71 per share: What’s Next?


Remitly Global Inc. [NASDAQ: RELY] closed the trading session at $11.71 on 08/04/22. The day’s price range saw the stock hit a low of $11.53, while the highest price level was $13.55. The company report on August 3, 2022 that Remitly Reports Second Quarter 2022 Results.

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Active customers up 43% year over yearSend volume up 40% year over yearRevenue up 42% year over yearRaising 2022 revenue and Adjusted EBITDA outlook.

Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 170 countries around the world, reported results for the second quarter ended June 30, 2022.

The stocks have a year to date performance of -43.21 percent and weekly performance of 23.39 percent. The stock has been moved at 0.17 percent over the last six months. The stock has performed 32.92 percent around the most recent 30 days and changed 0.09 percent over the most recent 3-months.

If compared to the average trading volume of 1.44M shares, RELY reached to a volume of 3141840 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Remitly Global Inc. [RELY]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RELY shares is $16.58 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RELY stock is a recommendation set at 1.60. 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 Remitly Global Inc. is set at 0.72, with the Price to Sales ratio for RELY stock in the period of the last 12 months amounting to 3.89. The Price to Book ratio for the last quarter was 4.08, with the Price to Cash per share for the same quarter was set at 3.00.

RELY stock trade performance evaluation

Remitly Global Inc. [RELY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 23.39. With this latest performance, RELY shares gained by 32.92% in over the last four-week period, additionally plugging by 0.17% over the last 6 months.

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 RELY stock in for the last two-week period is set at 74.40, with the RSI for the last a single of trading hit 84.43, and the three-weeks RSI is set at 66.67 for Remitly Global Inc. [RELY]. The present Moving Average for the last 50 days of trading for this stock 9.54, while it was recorded at 10.37 for the last single week of trading, and 14.72 for the last 200 days.

Remitly Global Inc. [RELY]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Remitly Global Inc. [RELY] shares currently have an operating margin of -8.66 and a Gross Margin at +47.15. Remitly Global Inc.’s Net Margin is presently recorded at -8.45.

Return on Equity for this stock declined to -11.80, with Return on Assets sitting at -7.84.

Remitly Global Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.00 and a Current Ratio set at 4.00.

Remitly Global Inc. [RELY]: Insider Ownership positions

There are presently around $940 million, or 56.90% of RELY stock, in the hands of institutional investors. The top three institutional holders of RELY stocks are: NASPERS LTD with ownership of 37,341,745, which is approximately 0% of the company’s market cap and around 2.80% of the total institutional ownership; GENERATION INVESTMENT MANAGEMENT LLP, holding 11,075,871 shares of the stock with an approximate value of $129.7 million in RELY stocks shares; and JPMORGAN CHASE & CO, currently with $61.26 million in RELY stock with ownership of nearly 79.476% of the company’s market capitalization.

Positions in Remitly Global Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 75 institutional holders increased their position in Remitly Global Inc. [NASDAQ:RELY] by around 16,158,070 shares. Additionally, 28 investors decreased positions by around 2,887,243 shares, while 15 investors held positions by with 61,237,209 shares. The mentioned changes placed institutional holdings at 80,282,522 shares, according to the latest SEC report filing. RELY stock had 39 new institutional investments in for a total of 5,072,719 shares, while 19 institutional investors sold positions of 906,331 shares during the same period.