Remitly Global (NASDAQ:RELY) Shares Gap Up on Better-Than-Expected Earnings

Remitly Global, Inc. (NASDAQ:RELY)’s stock price gapped up prior to trading 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the company posted ($0.20) EPS. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. The Goldman Sachs Group lowered their price target on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday. Finally, Monness Crespi & Hardt increased their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.88.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. increased its position in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,344 shares during the period. Picton Mahoney Asset Management bought a new position in shares of Remitly Global in the 1st quarter worth $37,000. Blue Trust Inc. purchased a new stake in shares of Remitly Global during the 2nd quarter worth $43,000. Assetmark Inc. bought a new stake in Remitly Global during the third quarter valued at about $76,000. Finally, nVerses Capital LLC grew its stake in Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 8,700 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

The firm has a market capitalization of $3.50 billion, a P/E ratio of -51.29 and a beta of 0.10. The stock’s fifty day simple moving average is $13.95 and its 200 day simple moving average is $14.01. 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.