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

Remitly Global (NASDAQ:RELY) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07, Briefing.com reports. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The company’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.20) earnings per share. Remitly Global updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Remitly Global Stock Performance

Remitly Global stock traded down $0.03 during mid-day trading on Friday, hitting $17.95. The company’s stock had a trading volume of 2,812,095 shares, compared to its average volume of 1,910,746. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.01. The firm’s 50 day moving average is $14.03 and its 200 day moving average is $14.01.

Analyst Ratings Changes

A number of brokerages have issued reports on RELY. The Goldman Sachs Group decreased their price target on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. JMP Securities lifted their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. BMO Capital Markets increased their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was 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 directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.10% of the stock is 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.