William Blair Raises Earnings Estimates for Remitly Global

Remitly Global, Inc. (NASDAQ:RELY - Free Report) - Equities researchers at William Blair upped their FY2024 earnings per share estimates for shares of Remitly Global in a research report issued to clients and investors on Thursday, October 31st. William Blair analyst C. Kennedy now anticipates that the financial services provider will post earnings per share of ($0.22) for the year, up from their previous estimate of ($0.27). The consensus estimate for Remitly Global's current full-year earnings is ($0.30) per share. William Blair also issued estimates for Remitly Global's FY2025 earnings at ($0.04) EPS and FY2026 earnings at $0.18 EPS.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to analysts' expectations of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The company's quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.20) EPS.

A number of other research firms have also commented on RELY. JPMorgan Chase & Co. lifted their target price on shares of 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 Remitly Global from $23.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, July 11th. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday. BMO Capital Markets upped their price target on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Finally, Barclays lifted their price objective on shares of Remitly Global from $16.00 to $20.00 and gave the stock an "overweight" rating in a research note on Monday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.38.

Remitly Global Trading Up 5.5 %

Shares of RELY traded up $0.98 on Monday, reaching $18.93. 2,510,487 shares of the company's stock were exchanged, compared to its average volume of 1,684,893. The business has a 50 day moving average price of $14.14 and a two-hundred day moving average price of $13.95. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.01. The stock has a market capitalization of $3.75 billion, a P/E ratio of -54.09 and a beta of 0.02. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03.

Insider Buying and Selling 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 transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RELY. Principal Financial Group Inc. lifted its stake in Remitly Global by 19.0% in the 1st quarter. Principal Financial Group Inc. now owns 18,297 shares of the financial services provider's stock valued at $379,000 after acquiring an additional 2,920 shares in the last quarter. Duality Advisers LP bought a new stake in shares of Remitly Global in the first quarter worth $446,000. Empowered Funds LLC boosted its holdings in Remitly Global by 10.5% during the first quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider's stock worth $1,069,000 after purchasing an additional 4,913 shares during the last quarter. Swiss National Bank grew its position in Remitly Global by 2.4% in the first quarter. Swiss National Bank now owns 274,300 shares of the financial services provider's stock valued at $5,689,000 after purchasing an additional 6,500 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Remitly Global by 10.9% in the 1st quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider's stock valued at $507,000 after buying an additional 2,407 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.