Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Remitly Global Inc shares valued at $406,042 were sold by Hug Joshua on Apr 10 ’24. At $20.30 per share, Hug Joshua sold 20,000 shares. The insider’s holdings dropped to 3,873,631 shares worth approximately $75.61 million following the completion of this transaction.
Also, Hug Joshua sold 20,000 shares, netting a total of over 420,630 in proceeds. Following the sale of shares at $21.03 each, the insider now holds 3,893,631 shares.
Before that, Hug Joshua had sold 20,000 shares from its account. In a trade valued at $413,790, the Chief Operating Officer traded Remitly Global Inc shares for $20.69 each. Upon closing the transaction, the insider’s holdings decreased to 20,000 shares, worth approximately $76.39 million.
As published in a research note from BMO Capital Markets on February 22, 2024, Remitly Global Inc [RELY] has been rated up from a Market perform to an Outperform and the price target has been revised to $28 from $24. Analysts at Wells Fargo started covering the stock with ‘”an Underweight”‘ outlook in a report released in mid January. As of December 05, 2023, BMO Capital Markets has initiated its “Market perform” rating for RELY. Earlier on December 01, 2023, Wolfe Research downgraded its rating. Their new recommendation was “a Peer perform” for RELY stock which previously was a “an Outperform”.
Analyzing RELY Stock Performance
During the last five days, there has been a drop of approximately -4.41%. Over the course of the year, Remitly Global Inc shares have jumped approximately 0.51%. Shares of the company reached a 52-week high of $22.08 on 02/22/24 and a 52-week low of $15.83 on 01/24/24. A 50-day SMA is recorded $19.86, while a 200-day SMA reached $21.26. Nevertheless, trading volume fell to 2.25 million shares from 0.62 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 18.92, which, if violated, would cause prices to drop to 18.33. In the upper region, resistance lies at 20.19. The next price resistance is at 20.87. RSI (Relative Strength Index) is 39.76 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.31, which suggests the price will decrease in the coming days. Percent R is at 78.42%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Remitly Global Inc subject to short interest?
Stocks of Remitly Global Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 100000.0 shares to 6.69 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 6.59 million shares. A jump of 1.49% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.11 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.11.
