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

Remitly Global (NASDAQ:RELY) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07, Briefing.com reports. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The firm had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the company posted ($0.20) EPS. 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

Remitly Global stock traded up $2.55 during midday trading on Thursday, hitting $17.81. The company’s stock had a trading volume of 3,354,073 shares, compared to its average volume of 1,655,946. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $3.48 billion, a PE ratio of -51.06 and a beta of 0.10. The stock’s 50-day moving average price is $13.87 and its 200-day moving average price is $13.99. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.62.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was 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 directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of analyst reports. Monness Crespi & Hardt boosted their price target 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. lifted their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. The Goldman Sachs Group dropped their price objective on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price target on shares of Remitly Global in a report on Monday, July 29th. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.57.

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.