Remitly Global (NASDAQ:RELY) Shares Gap Up Following Better-Than-Expected Earnings

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.26, but opened at $18.99. Remitly Global shares last traded at $17.87, with a volume of 2,990,780 shares changing hands.

The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 9.60% and a negative return on equity of 19.02%. The firm's revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) EPS.

Analyst Ratings Changes

Several brokerages recently issued reports on RELY. The Goldman Sachs Group decreased their price target on shares of Remitly Global from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $13.00 to $18.00 in a research report on Thursday. 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 research report on Tuesday, August 20th. JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday. Finally, Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $21.88.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business's 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 in the company, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently made changes to their positions in the company. American International Group Inc. grew its stake in shares of Remitly Global by 1.3% in the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider's stock worth $1,391,000 after acquiring an additional 871 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in shares of Remitly Global by 11.7% in the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider's stock worth $142,000 after buying an additional 1,228 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Remitly Global by 7.1% in the 2nd quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider's stock worth $237,000 after buying an additional 1,296 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock worth $35,000 after buying an additional 1,344 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Remitly Global by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider's stock worth $480,000 after buying an additional 1,415 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 17.8 %

The stock's fifty day moving average is $13.87 and its two-hundred day moving average is $13.99. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $3.51 billion, a PE ratio of -49.69 and a beta of 0.10.

Remitly Global Company Profile

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.