Remitly Global Inc. (NASDAQ:RELY) closed Wednesday at $12.44 per share, up from $12.06 a day earlier. While Remitly Global Inc. has overperformed by 3.15%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, RELY rose by 2.22%, with highs and lows ranging from $13.59 to $6.66, whereas the simple moving average jumped by 19.81% in the last 200 days.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
Analysis of Remitly Global Inc. (RELY)
Further, the quarter-over-quarter increase in sales is 39.70%, showing a positive trend in the upcoming months.
There are several well-rounded types of analysis and research techniques that can be used to gain a clear view of Remitly Global Inc.’s future performance, with equity being one of the most critical indicators. The goal here is to ensure that your current return on equity of -23.60% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 3.10, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
As an indicator of volatility for any stock, average volume can also be very valuable, and RELY is recording an average volume of 831.26K. On a monthly basis, the volatility of the stock is set at 4.90%, whereas on a weekly basis, it is put at 4.97%, with a gain of 1.88% over the past seven days. Furthermore, long-term investors anticipate a median target price of $15.43, showing growth from the present price of $12.44, which can serve as yet another indication of whether RELY is worth investing in or should be passed over.
How Do You Analyze Remitly Global Inc. Shares?
Apart from looking at the fundamentals, you should also pay attention to the number of company employees who own shares. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.50%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 71.80% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in RELY shares?
The recent increase in stakes in RELY appears to be a result of several institutional investors and hedge funds increasing their positions. The Vanguard Group, Inc. made another increased to its shares in RELY during the first quarter, upping its stake by 28.13%. During the last quarter, the company picked up 1,849,000 additional shares for a total stake of worth $96.44 million, bringing number of shares owned by the company to 8,422,819.
During the first quarter, JPMorgan Investment Management, I added a 2,178,600 position in RELY. BlackRock Fund Advisors purchased an additional 1.84 million shares in the last quarter, increasing its holdings by 51.83%, now holding 5.4 million shares worth $61.83 million. At the end of the first quarter, Citadel Advisors LLC increased its RELY holdings by 160.83% and now holds 4.64 million RELY shares valued at $53.12 million with the added 2.86 million shares during the period. RELY shares are owned by institutional investors to the tune of 71.80% at present.
