Citizens Jmp Forecasts Strong Price Appreciation for Remitly Global (NASDAQ:RELY) Stock

Key Points

• Citizens Jmp raised Remitly Global’s price target from $30 to $32 and maintained a “market outperform” rating, implying 32.95% potential upside. Analysts overall rate the stock “Moderate Buy,” with an average target of $27.44.
• Remitly reported strong second-quarter results, with revenue up 20.2% year over year to $495.2 million and EPS of $0.93 versus the $0.12 consensus estimate. Send volume rose 27%, active customers exceeded 10 million, and adjusted EBITDA increased 79% to $114.7 million.
• The company raised its full-year 2026 revenue outlook to approximately $2.0 billion and issued third-quarter guidance above analyst expectations. However, a significant portion of quarterly net income came from a one-time tax benefit, while the stock trades near its 12-month high at an elevated earnings multiple.

Remitly Global (NASDAQ:RELY - Get Free Report) had its target price upped by research analysts at Citizens Jmp from $30.00 to $32.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "market outperform" rating on the financial services provider's stock. Citizens Jmp's price target points to a potential upside of 32.95% from the stock's previous close.

Several other brokerages also recently issued reports on RELY. Wolfe Research restated an "outperform" rating and issued a $31.00 price objective on shares of Remitly Global in a research note on Thursday. Weiss Ratings upgraded shares of Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, June 3rd. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. The Goldman Sachs Group increased their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Finally, Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and an average price target of $27.44.

Remitly Global Stock Performance

NASDAQ RELY opened at $24.07 on Thursday. Remitly Global has a twelve month low of $12.08 and a twelve month high of $25.75. The stock has a market capitalization of $5.07 billion, a PE ratio of 49.12 and a beta of 0.34. The stock has a 50-day simple moving average of $22.03 and a 200 day simple moving average of $18.96.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS. As a group, equities research analysts forecast that Remitly Global will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, insider Ankur Sinha sold 7,596 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider directly owned 1,222,718 shares of the company's stock, valued at $25,762,668.26. This represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Pankaj Sharma sold 16,000 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider directly owned 767,810 shares in the company, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 170,388 shares of company stock worth $3,725,510 in the last 90 days. 6.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Several large investors have recently bought and sold shares of the business. Torren Management LLC bought a new position in shares of Remitly Global in the 4th quarter worth $25,000. Summit Securities Group LLC bought a new stake in Remitly Global in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter worth about $28,000. HighMark Wealth Management LLC acquired a new stake in Remitly Global in the 4th quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 1,545 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Remitly reported record second-quarter results: revenue rose 20.2% year over year to $495.2 million, exceeding the $486.3 million consensus estimate, while reported EPS was $0.93 versus expectations of $0.12. Adjusted earnings were reported at $1.07 per share, compared with the Zacks consensus estimate of $0.29. Remitly Global earnings results
• Positive Sentiment: Operating momentum remained strong, with quarterly send volume increasing 27% and active customers surpassing 10 million. Adjusted EBITDA climbed 79% year over year to $114.7 million, supporting the investment case for continued scale and improving profitability. Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook
• Positive Sentiment: Third-quarter revenue guidance of $505 million to $507 million is above the approximately $503.8 million analyst consensus, indicating management expects growth to continue. The company also raised its full-year 2026 outlook, with revenue guidance of approximately $2.0 billion. Remitly Global Q2 earnings and revenues top estimates
• Neutral Sentiment: The earnings call highlighted continued customer and transaction growth, but investors also focused on execution requirements and the risks associated with sustaining rapid expansion. Remitly Global earnings call highlights growth and risks
• Negative Sentiment: Although net income reached $205.9 million, $140.6 million came from a discrete tax benefit. That benefit is unlikely to recur, making underlying profitability less impressive than the headline EPS figure. With RELY trading near its 12-month high and at an elevated earnings multiple, investors may have expected a more substantial guidance increase, contributing to the weaker share price reaction.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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