Recent Insider Activity Suggests Potential Gains for Remitly Global Inc (RELY)

Remitly Global Inc’s recent filing unveils that its Chief Operating Officer Hug Joshua unloaded Company’s shares for reported $0.42 million on Mar 28 ’24. In the deal valued at $20.98 per share,20,000 shares were sold. As a result of this transaction, Hug Joshua now holds 3,953,631 shares worth roughly $81.76 million.

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Then, Hug Joshua sold 20,000 shares, generating $415,518 in total proceeds. Upon selling the shares at $20.78, the Chief Operating Officer now owns 3,973,631 shares.

Before that, Hug Joshua sold 20,000 shares. Remitly Global Inc shares valued at $411,262 were divested by the Chief Operating Officer at a price of $20.56 per share. As a result of the transaction, Hug Joshua now holds 3,993,631 shares, worth roughly $82.59 million.

BMO Capital Markets upgraded its Remitly Global Inc [RELY] rating to an Outperform from a a Market perform in a research note published on February 22, 2024; the price target was increased to $28 from $24. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who began to cover the stock in mid January with a ‘”an Underweight”‘ rating. BMO Capital Markets began covering RELY with “Market perform” recommendation on December 05, 2023. Wolfe Research revised its rating on December 01, 2023. It rated RELY as “a Peer perform” which previously was an “an Outperform”.

Price Performance Review of RELY

On Tuesday, Remitly Global Inc [NASDAQ:RELY] saw its stock jump 0.88% to $20.68. Over the last five days, the stock has lost -0.14%. Remitly Global Inc shares have risen nearly 6.49% since the year began. Nevertheless, the stocks have risen 23.61% over the past one year. While a 52-week high of $27.95 was reached on 02/22/24, a 52-week low of $15.83 was recorded on 01/24/24. SMA at 50 days reached $19.33, while 200 days put it at $21.19. A total of 1.09 million shares were traded, compared to the trading of 0.89 million shares in the previous session.

Levels Of Support And Resistance For RELY Stock

The 24-hour chart illustrates a support level at 20.10, which if violated will result in even more drops to 19.52. On the upside, there is a resistance level at 21.07. A further resistance level may holdings at 21.46. The Relative Strength Index (RSI) on the 14-day chart is 54.69, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.01, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 53.42%. Stochastics %K at 44.66% indicates the stock is a holding.

How much short interest is there in Remitly Global Inc?

A steep rise in short interest was recorded in Remitly Global Inc stocks on Mar 15, 2024, growing by 100000.0 shares to a total of 6.69 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 6.59 million shares. There was a rise of 1.49%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 4.78% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.11.

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