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

Remitly Global (NASDAQ:RELY) issued its quarterly earnings results on Wednesday. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global updated its Q1 2025 guidance to EPS and its FY 2025 guidance to EPS.

Remitly Global Stock Down 8.3 %

Shares of RELY traded down $2.15 during midday trading on Friday, reaching $23.64. The company had a trading volume of 1,669,715 shares, compared to its average volume of 1,770,071. The firm has a 50 day simple moving average of $23.58 and a 200-day simple moving average of $18.60. The stock has a market cap of $4.68 billion, a PE ratio of -124.21 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated 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. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp increased their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays increased their target price on Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, BMO Capital Markets raised their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. One research 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, Remitly Global presently has a consensus 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.