Remitly Global (NASDAQ:RELY) Shares Gap Up on Better-Than-Expected Earnings

Shares of Remitly Global, Inc. (NASDAQ:RELY) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.09, but opened at $23.26. Remitly Global shares last traded at $22.97, with a volume of 910,337 shares trading hands.

The financial services provider reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm’s revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) earnings per share.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RELY shares. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. Finally, Barclays lifted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $29.13.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,301 shares of company stock valued at $1,560,012 in the last quarter. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently made changes to their positions in the company. Barclays PLC raised its holdings in shares of Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after acquiring an additional 227,231 shares in the last quarter. Principal Financial Group Inc. increased its position in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Green Alpha Advisors LLC raised its holdings in shares of Remitly Global by 74.4% in the 4th quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 7,991 shares in the last quarter. Claro Advisors LLC lifted its position in shares of Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 629 shares during the period. Finally, Dakota Wealth Management bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $269,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Price Performance

The company has a market capitalization of $4.86 billion, a PE ratio of -125.58 and a beta of 0.16. The company’s fifty day moving average is $20.41 and its 200-day moving average is $21.36.

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.