Remitly Global (NASDAQ:RELY) Issues Quarterly 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) posted its earnings results on Wednesday. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14), Zacks reports. The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%. The business's revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) earnings per share.

Remitly Global Trading Up 2.1%

Shares of NASDAQ:RELY traded up $0.40 during mid-day trading on Tuesday, reaching $19.40. The stock had a trading volume of 1,902,395 shares, compared to its average volume of 2,935,201. The firm has a market cap of $4.00 billion, a PE ratio of 325.64 and a beta of 0.12. The firm has a 50 day simple moving average of $18.56 and a two-hundred day simple moving average of $20.81. Remitly Global has a twelve month low of $12.43 and a twelve month high of $27.32.

Insider Activity

In other Remitly Global news, CAO Luke Tavis sold 2,920 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total transaction of $61,758.00. Following the sale, the chief accounting officer directly owned 1,208 shares in the company, valued at approximately $25,549.20. This trade represents a 70.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the sale, the director owned 102,257 shares in the company, valued at $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,041,833 shares of company stock worth $275,390,023. Corporate insiders own 8.10% of the company's stock.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently made changes to their positions in RELY. Caxton Associates LLP acquired a new position in Remitly Global during the first quarter worth $218,000. Cetera Investment Advisers boosted its position in shares of Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after acquiring an additional 1,286 shares during the period. Focus Partners Wealth bought a new stake in shares of Remitly Global in the first quarter valued at about $1,458,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 purchasing an additional 3,870 shares during the period. Finally, Millennium Management LLC lifted 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 purchasing an additional 124,798 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RELY. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays upped their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen lowered shares of Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. Finally, KeyCorp reissued an "overweight" rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.00.

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.