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

Remitly Global (NASDAQ:RELY) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.01 earnings per share (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 during the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the company posted ($0.20) earnings per share. The firm’s revenue for the quarter 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 Down 0.2 %

Shares of NASDAQ:RELY traded down $0.03 during trading on Friday, reaching $17.95. 2,812,095 shares of the stock were exchanged, compared to its average volume of 1,910,746. The firm’s 50-day moving average price is $14.03 and its 200 day moving average price is $14.01. Remitly Global has a 12-month low of $11.60 and a 12-month high of $23.01. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03.

Wall Street Analyst Weigh In

A number of research firms recently commented on RELY. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday. BMO Capital Markets raised 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. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $13.00 to $18.00 in a research note on Thursday. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, The Goldman Sachs Group reduced their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $21.88.

Insider Activity at Remitly Global

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

About Remitly Global

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.