Remitly Global (NASDAQ:RELY) Announces Earnings Results, Misses Expectations By $0.14 EPS

Key Points

• Remitly Global (NASDAQ: RELY) reported a quarterly earnings per share (EPS) of $0.04, falling short of analysts' expectations by $0.14.
• The company's revenue for the quarter was $411.85 million, exceeding estimates and representing a year-over-year increase of 34.4%.
• In response to these results, Remitly Global's stock price increased by 15.1%, indicating positive market sentiment despite the earnings miss.

Remitly Global (NASDAQ:RELY - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14), Zacks reports. The business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%. Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) earnings per share.

Remitly Global Stock Up 0.3%

Shares of NASDAQ RELY traded up $0.05 during midday trading on Friday, hitting $19.00. The company had a trading volume of 7,517,332 shares, compared to its average volume of 4,828,311. Remitly Global has a twelve month low of $12.43 and a twelve month high of $27.32. The business has a 50-day simple moving average of $18.61 and a two-hundred day simple moving average of $20.84. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 316.72 and a beta of 0.12.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the sale, the chief executive officer owned 4,212,849 shares in the company, valued at $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director owned 102,257 shares of the company's stock, valued at $2,079,907.38. This trade represents a 4.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,041,833 shares of company stock valued at $275,390,023. 7.50% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cetera Investment Advisers raised its position in Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock worth $226,000 after acquiring an additional 1,286 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Caxton Associates LLP acquired a new position in Remitly Global during the first quarter worth about $218,000. Focus Partners Wealth acquired a new position in Remitly Global during the first quarter worth about $1,458,000. Finally, Millennium Management LLC raised its position in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock worth $7,142,000 after acquiring an additional 124,798 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. KeyCorp reissued an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday. Barclays lifted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

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.