Remitly Global (NASDAQ:RELY) Shares Gap Up on Strong Earnings

Shares of Remitly Global, Inc. (NASDAQ:RELY) gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.99%. The company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same period last year, the business earned ($0.20) EPS. Remitly Global’s revenue for the quarter was up 39.3% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Monness Crespi & Hardt lifted their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised 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 report on Thursday. The Goldman Sachs Group cut 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. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday. Finally, BMO Capital Markets raised their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.88.

Insider Buying and Selling at Remitly Global

In other 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 sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.10% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. boosted its holdings in 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. American International Group Inc. increased its position in shares of Remitly Global by 1.3% during the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after purchasing an additional 871 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Remitly Global during the first quarter worth approximately $1,271,000. Hood River Capital Management LLC acquired a new position in Remitly Global in the 1st quarter valued at $12,789,000. Finally, Blair William & Co. IL boosted its stake in Remitly Global by 133.4% during the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock worth $714,000 after purchasing an additional 19,665 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

The stock’s fifty day moving average price is $13.95 and its 200-day moving average price is $14.01. The firm has a market cap of $3.50 billion, a PE ratio of -51.29 and a beta of 0.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.46 and a quick ratio of 2.46.

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.