Remitly Global Inc. (NASDAQ: RELY) Stock: Looks Like An Option To Consider

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Remitly Global Inc. (NASDAQ:RELY) price on Friday, December 10, fall -1.45% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $19.73.

A look at the stock’s price movement, the close in the last trading session was $20.02, moving within a range at $19.265 and $20.25. Turning to its 52-week performance, $53.65 and $19.48 were the 52-week high and 52-week low respectively. Overall, RELY moved -45.95% over the past month.

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Remitly Global Inc.’s market cap currently stands at around $3.47 billion.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s).

8 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 8 recommend RELY as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

RELY’s current price about -20.99% and -37.20% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 24.70, while 7-day volatility ratio is 6.62% and 8.61% in the 30-day chart. Further, Remitly Global Inc. (RELY) has a beta value of 0, and an average true range (ATR) of 2.01. Analysts have given the company’s stock an average 52-week price target of $47.14, forecast between a low of $41.00 and high of $57.00. Looking at the price targets, the low is -107.81% off current price level while to achieve the yearly target high, price needs to move -188.9%. Nonetheless, investors will most likely welcome a -138.22% jump to $47.00 which is the analysts’ median price.

In the market, a comparison of Remitly Global Inc. (RELY) and its peers suggest the former has performed considerably weaker. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 0.95% and 0.60% respectively in the last trading.

If we refocus on Remitly Global Inc. (NASDAQ:RELY), historical trading data shows that trading volumes averaged 935.22K over the past 3 months. The company’s latest data on shares outstanding shows there are 163.77 million shares.

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The 6.10% of Remitly Global Inc.’s shares are in the hands of company insiders while institutional holders own 24.90% of the company’s shares. Current price change has pushed the stock -59.28% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the RELY stock continues to rise going into the next quarter.