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

Remitly Global (NASDAQ:RELY) posted its quarterly earnings results on Wednesday. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04, Zacks reports. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%.

Remitly Global Stock Down 2.1 %

Shares of NASDAQ RELY traded down $0.56 during mid-day trading on Wednesday, reaching $25.91. 3,123,358 shares of the company were exchanged, compared to its average volume of 1,636,525. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The company’s 50 day moving average price is $23.29 and its 200 day moving average price is $18.41. The stock has a market capitalization of $5.13 billion, a PE ratio of -74.03 and a beta of 0.07.

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred 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 directly owns 3,873,811 shares in the company, 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 hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 over the last 90 days. 8.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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