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

Remitly Global (NASDAQ:RELY - Get Free Report) released its quarterly 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. The firm had revenue of $351.90 million during the quarter, compared to analysts' expectations 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 Stock Down 7.5 %

NASDAQ RELY traded down $1.93 during trading hours on Friday, hitting $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 fifty-two week low of $11.60 and a fifty-two week high of $27.32. The business has a fifty day simple moving average of $23.64 and a 200-day simple moving average of $18.67. The firm has a market cap of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07.

Insiders Place Their Bets

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the 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 sale, the insider now directly owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,947 shares of company stock valued at $1,467,012 over the last three months. Company insiders own 8.10% of the company's stock.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price target on Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday. Barclays upped their price target on Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. BMO Capital Markets upped their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday. JMP Securities increased their target price 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. Finally, KeyCorp increased their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.