Remitly Global (NASDAQ:RELY) Announces Quarterly Earnings Results

Remitly Global (NASDAQ:RELY) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07, Briefing.com reports. Remitly Global had a negative return on equity of 19.02% and a negative net margin of 9.60%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. The business’s quarterly revenue was up 39.3% on a year-over-year basis. Remitly Global updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Remitly Global Trading Up 16.0 %

Shares of NASDAQ:RELY traded up $2.44 on Thursday, hitting $17.70. 3,499,549 shares of the company’s stock were exchanged, compared to its average volume of 1,654,772. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -51.06 and a beta of 0.10. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.62. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.46 and a quick ratio of 2.46. The business’s 50 day simple moving average is $13.87 and its two-hundred day simple moving average is $13.99.

Wall Street Analysts Forecast Growth

RELY has been the subject of several analyst reports. The Goldman Sachs Group reduced their target price on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, July 11th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of Remitly Global in a research note on Monday, July 29th. BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Finally, Monness Crespi & Hardt lifted their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.57.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 8.10% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.