Remitly Global (NASDAQ:RELY) Announces Quarterly Earnings Results

Remitly Global (NASDAQ:RELY) released its earnings results on Wednesday. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04, Zacks reports. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. Remitly Global updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Remitly Global Price Performance

Shares of NASDAQ:RELY traded down $2.15 during trading on Friday, reaching $23.64. The company had a trading volume of 1,669,715 shares, compared to its average volume of 1,770,071. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -124.21 and a beta of 0.07. The stock’s fifty day moving average price is $23.58 and its 200 day moving average price is $18.60. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,947 shares of company stock valued at $1,467,012. Company insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report 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 note on Thursday, October 31st. The Goldman Sachs Group lifted their price objective on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JMP Securities lifted 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, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

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.