Remitly Global (NASDAQ:RELY) Releases Earnings Results, Beats Estimates By $0.07 EPS

Remitly Global (NASDAQ:RELY) posted its earnings results on Wednesday. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07, Briefing.com reports. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same period 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 Price Performance

NASDAQ RELY opened at $17.69 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01. The business has a 50 day simple moving average of $13.95 and a 200 day simple moving average of $14.01. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -54.26 and a beta of 0.10.

Insider Activity

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday. 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 research report on Thursday, August 1st. JPMorgan Chase & Co. upped their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $18.00 in a report on Thursday. Finally, KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and a consensus price target of $21.88.

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.