Remitly Global (NASDAQ:RELY) Reaches New 1-Year High Following Better-Than-Expected Earnings

Remitly Global, Inc. (NASDAQ:RELY)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $26.13 and last traded at $24.4970, with a volume of 51659 shares. The stock had previously closed at $24.07.

The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same period in the previous year, the company posted $0.03 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis.

Remitly Global News Roundup

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Remitly reported record second-quarter results: revenue rose 20.2% year over year to $495.2 million, exceeding the $486.3 million consensus estimate, while reported EPS was $0.93 versus expectations of $0.12. Adjusted earnings were reported at $1.07 per share, compared with the Zacks consensus estimate of $0.29. Remitly Global earnings results
• Positive Sentiment: Operating momentum remained strong, with quarterly send volume increasing 27% and active customers surpassing 10 million. Adjusted EBITDA climbed 79% year over year to $114.7 million, supporting the investment case for continued scale and improving profitability. Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook
• Positive Sentiment: Third-quarter revenue guidance of $505 million to $507 million is above the approximately $503.8 million analyst consensus, indicating management expects growth to continue. The company also raised its full-year 2026 outlook, with revenue guidance of approximately $2.0 billion. Remitly Global Q2 earnings and revenues top estimates
• Neutral Sentiment: The earnings call highlighted continued customer and transaction growth, but investors also focused on execution requirements and the risks associated with sustaining rapid expansion. Remitly Global earnings call highlights growth and risks
• Negative Sentiment: Although net income reached $205.9 million, $140.6 million came from a discrete tax benefit. That benefit is unlikely to recur, making underlying profitability less impressive than the headline EPS figure. With RELY trading near its 12-month high and at an elevated earnings multiple, investors may have expected a more substantial guidance increase, contributing to the weaker share price reaction.

Analyst Upgrades and Downgrades

RELY has been the topic of several research reports. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday. Citizens Jmp upped their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.44.

Insider Activity

In other news, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the transaction, the director owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This represents a 8.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 170,388 shares of company stock worth $3,725,510. 6.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Marshall Wace LLP boosted its position in shares of Remitly Global by 30.4% during the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the period. Bank of America Corp DE increased its holdings in Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after purchasing an additional 67,700 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 3.7%

The business has a 50-day simple moving average of $22.03 and a 200-day simple moving average of $18.96. The company has a market cap of $5.26 billion, a PE ratio of 50.07 and a beta of 0.34.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.