Remitly Global FY2024 EPS Forecast Boosted by William Blair

Remitly Global, Inc. (NASDAQ:RELY) – Stock analysts at William Blair lifted their FY2024 earnings per share (EPS) estimates for shares of Remitly Global in a research report issued to clients and investors on Thursday, October 31st. William Blair analyst C. Kennedy now expects that the financial services provider will post earnings of ($0.22) per share for the year, up from their previous forecast of ($0.27). The consensus estimate for Remitly Global’s current full-year earnings is ($0.27) per share. William Blair also issued estimates for Remitly Global’s FY2025 earnings at ($0.04) EPS and FY2026 earnings at $0.18 EPS.

Several other equities analysts have also commented on the company. JMP Securities boosted their price target 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. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. The Goldman Sachs Group cut their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Barclays upped their target price on Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday. Finally, BMO Capital Markets upped their target price on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.38.

Remitly Global Stock Performance

Remitly Global stock opened at $19.36 on Monday. The stock’s 50 day moving average price is $14.26 and its 200 day moving average price is $13.96. The firm has a market capitalization of $3.83 billion, a PE ratio of -55.31 and a beta of 0.03. Remitly Global has a one year low of $11.60 and a one year high of $23.01.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) EPS. The company’s revenue for the quarter was up 39.3% on a year-over-year basis.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. increased its position in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,344 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in Remitly Global in the 1st quarter worth about $37,000. Blue Trust Inc. acquired a new position in Remitly Global in the 2nd quarter worth about $43,000. Assetmark Inc. acquired a new position in Remitly Global in the 3rd quarter worth about $76,000. Finally, nVerses Capital LLC increased its position in Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.10% of the stock is currently owned by company insiders.

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.