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

Remitly Global (NASDAQ:RELY - Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07, Briefing.com reports. Remitly Global had a negative return on equity of 19.02% and a negative net margin of 9.60%. The firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) EPS. Remitly Global's revenue for the quarter was up 39.3% compared to the same quarter last year. Remitly Global updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Remitly Global Trading Up 17.8 %

Shares of Remitly Global stock traded up $2.72 during trading hours on Thursday, hitting $17.98. The company's stock had a trading volume of 7,509,020 shares, compared to its average volume of 1,675,634. The firm has a fifty day moving average of $13.87 and a 200-day moving average of $13.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -49.69 and a beta of 0.10. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.62.

Analysts Set New Price Targets

Several research firms have commented on RELY. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $13.00 to $18.00 in a research note on Thursday. BMO Capital Markets boosted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday. Monness Crespi & Hardt boosted their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their price objective on shares of Remitly Global from $23.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus target price of $21.88.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 4,542,613 shares of the company's stock, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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.