Selling Buzz: Remitly Global Inc. [RELY] Chief Financial Officer Munipalli Hemanth sells 31,622 shares of the company


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Remitly Global Inc. shares valued at $781,696 were sold by Munipalli Hemanth on Aug 30. At $24.72 per share, Munipalli Hemanth sold 31,622 shares. The insider’s holdings dropped to 87,137 shares worth approximately $2.19 million following the completion of this transaction.

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Also, Sinha Ankur sold 6,126 shares, netting a total of over 155,207 in proceeds. Following the sale of shares at $25.34 each, the insider now holds 245,939 shares.

Before that, Hug Joshua had sold 22,267 shares from its account. In a trade valued at $549,309, the Chief Operating Officer traded Remitly Global Inc. shares for $24.67 each. Upon closing the transaction, the insider’s holdings decreased to 22,267 shares, worth approximately $101.95 million.

As published in a research note from Wolfe Research on August 04, 2023, Remitly Global Inc. [RELY] has been rated up from a Peer perform to an Outperform and the price target has been revised to $28. This represents a 10.18% premium over Thursday’s closing price.

Analyzing RELY Stock Performance

On Thursday, Remitly Global Inc. [NASDAQ: RELY] rose 1.29% to $25.15. The stock’s lowest price that day was $24.428, but it reached a high of $25.27 in the same session. During the last five days, there has been a surge of approximately 2.78%. Over the course of the year, Remitly Global Inc. shares have jumped approximately 119.65%. Shares of the company reached a 52-week high of $25.56 on 08/28/23 and a 52-week low of $10.86 on 01/05/23. A 50-day SMA is recorded $20.94, while a 200-day SMA reached $16.11. Nevertheless, trading volume fell to 1.41 million shares from 0.95 million shares the previous day.

Support And Resistance Levels for Remitly Global Inc. (RELY)

According to the 24-hour chart, there is a support level at 24.63, which, if violated, would cause prices to drop to 24.11. In the upper region, resistance lies at 25.47. The next price resistance is at 25.79. RSI (Relative Strength Index) is 68.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.67, which suggests the price will decrease in the coming days. Percent R is at 12.67%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Remitly Global Inc. subject to short interest?

Stocks of Remitly Global Inc. saw a sharp steep in short interest on Aug 14, 2023 dropping by -0.86 million shares to 1.89 million. Data from Yahoo Finance shows that the short interest on Jul 13, 2023 was 2.75 million shares. A decline of -45.5% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.34 of the overall float, the days-to-cover ratio (short ratio) decline to 1.34.

Which companies own the most shares of Remitly Global Inc. (RELY)?

According to The Vanguard Group, Inc. filings, the company currently owns 10,491,286 shares, which is about 5.90% of the total RELY shares outstanding. The investor’s shares have appreciated by 692,845 from its previous 13-F filing of 9798441.0 shares. With the completion of the buy transaction, JPMorgan Investment Management, I’s stake is now worth $175,887,044. Generation Investment Management reduced a -8.27% interest valued at $163.79 million while Baillie Gifford & Co. sold a -298,702 stake. A total of -382,261 shares of Remitly Global Inc. were sold by BlackRock Fund Advisors during the quarter, and 731,295 were bought by Lord, Abbett & Co. LLC. In its current portfolio, Fidelity Management & Research Co holds 4,758,747 shares valued at $91.75 million.

In terms of Remitly Global Inc. share price expectations, FactSet research, analysts set an average price target of $27.43 in the next 12 months, up nearly 4.71% from the previous closing price of $24.83. Analysts anticipate Remitly Global Inc. stock to reach $34.00 by 2023, with the lowest price target being $25.00. In spite of this, 8 analysts ranked Remitly Global Inc. stock as a Buy at the end of 2023.


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