Remitly Global (NASDAQ:RELY) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Remitly Global (NASDAQ:RELY - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04, Zacks reports. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. The firm had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Remitly Global updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Remitly Global Trading Down 7.5 %

RELY stock traded down $1.93 during midday trading on Friday, reaching $23.86. The company had a trading volume of 4,682,197 shares, compared to its average volume of 1,861,512. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The company has a market capitalization of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07. The company has a 50 day moving average of $23.64 and a two-hundred day moving average of $18.67.

Insiders Place Their Bets

In other news, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,947 shares of company stock worth $1,467,012 in the last quarter. 8.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RELY has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday. KeyCorp raised their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $28.00.

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.