Do Analysts Think Remitly Global Inc (RELY) Is Still Worth Buying In 2024?

Remitly Global Inc (NASDAQ:RELY) does about 2.04M shares in volume on a normal day but saw 1306663 shares change hands in Monday trading. The company now has a market cap of 2.44B USD. Its current market price is $12.68, marking a decrease of -1.17% compared to the previous close of $12.83. The 52 week high reached by this stock is $27.95 whilst the lowest price level in 52 weeks is $11.60.

Remitly Global Inc (RELY) has a 20-day trading average at $12.38 and the current price is -54.63% off the 52-week high compared with 9.31% distance from its 52-week low. The 50-day simple moving average of the closing price is $13.75 and its 200-day simple moving average is $19.04. If we look at the stock’s price movements over the week, volatility stands at 3.12%, which increases to 3.53% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 46.95 to suggest the stock is neutral.

The consensus objective for the share price is $20.60, suggesting that the stock has a potential upside of 38.45% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on February 22, 2024 when BMO Capital Markets upgraded the stock to “Outperform” and issued a price target of between $24 and $28. BMO Capital Markets initiated its price target at $25.

Remitly Global Inc (RELY) stock is up 4.62% over the week and -3.79% over the past month. Its price is -34.71% year-to-date and -29.79% over the past year.

To reach the target analysts have set, the stock logically needs to grow 38.45 percent from here.

The company has a return on investment of -15.70% and return on equity of -21.17%. The forward price to earnings ratio is 16.18. The beta has a value of 0.10. Price to book ratio is 4.44 and price to sales ratio is 2.42.