Remitly Global (NASDAQ:RELY) Issues Quarterly Earnings Results

Remitly Global (NASDAQ:RELY) posted its earnings results on Wednesday. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.17, FiscalAI reports. The company had revenue of $509.84 million for the quarter, compared to analyst estimates of $507.31 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.

Here are the key takeaways from Remitly Global’s conference call:

• Remitly delivered a record quarter, with revenue up 22% to $510 million, adjusted EBITDA up to $121 million at a record 24% margin, and net income of $68 million.
• Core activity remained strong: send volume grew 25%, active customers grew 17% to 10.3 million, and transaction margin dollars increased 27%. Management said customer acquisition and retention were strong, while noting that larger transfers and business customers are lifting volume per customer.
• Remitly is expanding beyond consumer remittances: its business product has more than 30,000 users, its Global Card is expanding across the U.S., and new businesses are expected to grow from about 5% of revenue in 2026 to more than 10% in 2028.
• Management’s early 2027 outlook calls for high-teens revenue growth, currently expected at the low end, and adjusted EBITDA margins broadly in line with 2026. Tougher comparisons from the remittance tax and more normalized investment spending are expected to weigh on growth and limit margin expansion.
• Temporary Indian foreign-currency measures affected large transfers, though management said the impact was difficult to quantify; large-transfer volume outside India grew 80% year over year, and the company expects the disruption to stabilize over time.

Remitly Global Stock Performance

RELY stock traded up $1.70 during trading on Wednesday, reaching $27.08. The company had a trading volume of 7,973,647 shares, compared to its average volume of 3,854,112. The firm has a 50-day simple moving average of $23.73 and a 200-day simple moving average of $20.56. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 19.48 and a beta of 0.46. Remitly Global has a twelve month low of $12.08 and a twelve month high of $28.00.

Insider Activity at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $23.18, for a total value of $127,490.00. Following the completion of the transaction, the director owned 2,653,389 shares of the company’s stock, valued at approximately $61,505,557.02. This trade represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares of the company’s stock, valued at $24,678,670.25. The trade was a 2.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 478,738 shares of company stock worth $11,874,000 in the last quarter. 6.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RELY. Citizens Jmp raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Wolfe Research boosted their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Weiss Ratings cut shares of Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Cantor Fitzgerald increased their target price on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.78.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.