Remitly Global (NASDAQ:RELY) Releases Earnings Results, Beats Expectations 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04, Zacks reports. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%.

Remitly Global Stock Down 2.1 %

Shares of Remitly Global stock traded down $0.56 during trading on Wednesday, reaching $25.91. The company’s stock had a trading volume of 3,102,639 shares, compared to its average volume of 1,630,397. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -74.03 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The company has a 50-day simple moving average of $23.29 and a two-hundred day simple moving average of $18.41.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock valued at $1,467,012 in the last quarter. 8.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company raised their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Barclays raised their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

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.