The Potential Rise in the Price of Remitly Global Inc. (RELY) following insiders activity


Remitly Global Inc.’s recent filing unveils that its Chief Financial Officer Munipalli Hemanth unloaded Company’s shares for reported $0.78 million on Aug 30. In the deal valued at $24.72 per share,31,622 shares were sold. As a result of this transaction, Munipalli Hemanth now holds 87,137 shares worth roughly $ 2.22 million.

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Then, Sinha Ankur sold 6,126 shares, generating $155,207 in total proceeds. Upon selling the shares at $25.34, the Chief Technology Officer now owns 245,939 shares.

Before that, Hug Joshua sold 22,267 shares. Remitly Global Inc. shares valued at $549,309 were divested by the Chief Operating Officer at a price of $24.67 per share. As a result of the transaction, Hug Joshua now holds 4,053,631 shares, worth roughly $103.29 million.

Wolfe Research upgraded its Remitly Global Inc. [RELY] rating to an Outperform from a a Peer perform in a research note published on Tuesday. PT values the company’s stock at a premium of 9.0 to its Tuesday closing price.

Price Performance Review of RELY

On Tuesday, Remitly Global Inc. [NASDAQ:RELY] saw its stock jump 0.39% to $25.48. On the same session, the stock had its day’s lowest price of $24.84, but rose to a high of $25.70. Over the last five days, the stock has gained 3.12%. Remitly Global Inc. shares have risen nearly 122.53% since the year began. Nevertheless, the stocks have risen 137.69% over the past one year. While a 52-week high of $25.80 was reached on 09/01/23, a 52-week low of $8.94 was recorded on 01/05/23. SMA at 50 days reached $21.21, while 200 days put it at $16.26. A total of 1.5 million shares were traded, compared to the trading of 1.23 million shares in the previous session.

Levels Of Support And Resistance For RELY Stock

The 24-hour chart illustrates a support level at 24.98, which if violated will result in even more drops to 24.48. On the upside, there is a resistance level at 25.84. A further resistance level may holdings at 26.20. The Relative Strength Index (RSI) on the 14-day chart is 70.48, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.75, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 9.21%. Stochastics %K at 88.87% indicates the stock is a selling.

How much short interest is there in Remitly Global Inc.?

A steep rise in short interest was recorded in Remitly Global Inc. stocks on Aug 14, 2023, dropping by -0.86 million shares to a total of 1.89 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.75 million shares. There was a decline of -45.5%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.42% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.34.

According to FactSet, Remitly Global Inc.’s share price will average $27.43 in the next year, based on opinions of analysts polled by the firm. This is up nearly 2.44 percent from its previous closing price of $25.38. Analysts expect Remitly Global Inc. stock to reach the higher price of $34.00, while the lowest price estimate is $25.00. However, 8 analysts have rated RELY stock as a Buy in their predictions for 2023.


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