Remitly Global FY2024 EPS Forecast Boosted by William Blair

Remitly Global, Inc. (NASDAQ:RELY) – Analysts at William Blair lifted their FY2024 earnings per share estimates for Remitly Global in a research note issued on Thursday, October 31st. William Blair analyst C. Kennedy now expects that the financial services provider will post earnings per share of ($0.22) for the year, up from their prior estimate of ($0.27). The consensus estimate for Remitly Global’s current full-year earnings is ($0.30) per share. William Blair also issued estimates for Remitly Global’s FY2025 earnings at ($0.04) EPS and FY2026 earnings at $0.18 EPS.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The firm’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.20) EPS.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Monness Crespi & Hardt increased their price target on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group reduced their price objective on shares of Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, Barclays raised their target price on shares of Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global has an average rating of “Moderate Buy” and an average target price of $22.38.

Remitly Global Stock Up 5.5 %

RELY stock opened at $18.93 on Monday. The firm has a market cap of $3.75 billion, a PE ratio of -54.09 and a beta of 0.02. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.01. The company has a fifty day simple moving average of $14.14 and a 200 day simple moving average of $13.95. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. raised its stake 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 valued at $35,000 after buying an additional 1,344 shares in the last quarter. American International Group Inc. lifted its stake in 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 during the period. Bayesian Capital Management LP bought a new position in Remitly Global during the first quarter worth about $1,271,000. Hood River Capital Management LLC bought a new stake in shares of Remitly Global in the 1st quarter valued at approximately $12,789,000. Finally, Blair William & Co. IL grew its stake in shares of Remitly Global by 133.4% in the 1st quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 19,665 shares during the period. 74.25% of the stock is owned by institutional investors.

Insider Transactions at Remitly Global

In related 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 value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.10% of the company’s stock.

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.