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

Remitly Global (NASDAQ:RELY) issued its quarterly earnings data on Wednesday. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 Price Performance

Remitly Global stock traded down $0.56 during trading on Wednesday, reaching $25.91. 3,102,639 shares of the company were exchanged, compared to its average volume of 1,630,397. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The company has a market capitalization of $5.13 billion, a P/E ratio of -74.03 and a beta of 0.07. The stock’s 50 day simple moving average is $23.29 and its two-hundred day simple moving average is $18.41.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the sale, the chief executive officer now owns 4,417,011 shares in the company, valued at $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,947 shares of company stock worth $1,467,012. 8.10% of the stock is owned by corporate insiders.

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.