Citizens Jmp Issues Positive Forecast for Remitly Global (NASDAQ:RELY) Stock Price

Remitly Global (NASDAQ:RELY) had its price objective upped by stock analysts at Citizens Jmp from $30.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the financial services provider’s stock. Citizens Jmp’s price target points to a potential upside of 32.95% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Wolfe Research restated an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a research report on Thursday. The Goldman Sachs Group increased their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. KeyCorp restated an “overweight” rating and set a $33.00 price objective on shares of Remitly Global in a research report on Thursday. Finally, Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.44.

Remitly Global Stock Performance

Shares of RELY stock opened at $24.07 on Thursday. Remitly Global has a 52 week low of $12.08 and a 52 week high of $25.75. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 49.12 and a beta of 0.34. The company has a 50-day simple moving average of $22.03 and a 200 day simple moving average of $18.96.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.03 earnings per share. Sell-side analysts forecast that Remitly Global will post 0.62 EPS for the current year.

Insider Transactions at Remitly Global

In related news, Director Joshua Hug sold 16,800 shares of Remitly Global stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the transaction, the director directly owned 3,385,457 shares of the company’s stock, valued at $77,763,947.29. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the sale, the insider owned 1,222,718 shares in the company, valued at $25,762,668.26. The trade was a 0.62% 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. In the last three months, insiders have sold 170,388 shares of company stock worth $3,725,510. 6.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pekin Hardy Strauss Inc. boosted its stake in Remitly Global by 581.8% during the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after acquiring an additional 104,716 shares in the last quarter. Capelight Capital Asset Management LP bought a new stake in Remitly Global in the fourth quarter valued at $1,380,000. GSA Capital Partners LLP increased its stake in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after purchasing an additional 338,244 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Remitly Global by 44.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock valued at $13,166,000 after purchasing an additional 292,991 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Key Headlines Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Remitly reported record second-quarter results: revenue rose 20.2% year over year to $495.2 million, exceeding the $486.3 million consensus estimate, while reported EPS was $0.93 versus expectations of $0.12. Adjusted earnings were reported at $1.07 per share, compared with the Zacks consensus estimate of $0.29. Remitly Global earnings results
• Positive Sentiment: Operating momentum remained strong, with quarterly send volume increasing 27% and active customers surpassing 10 million. Adjusted EBITDA climbed 79% year over year to $114.7 million, supporting the investment case for continued scale and improving profitability. Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook
• Positive Sentiment: Third-quarter revenue guidance of $505 million to $507 million is above the approximately $503.8 million analyst consensus, indicating management expects growth to continue. The company also raised its full-year 2026 outlook, with revenue guidance of approximately $2.0 billion. Remitly Global Q2 earnings and revenues top estimates
• Neutral Sentiment: The earnings call highlighted continued customer and transaction growth, but investors also focused on execution requirements and the risks associated with sustaining rapid expansion. Remitly Global earnings call highlights growth and risks
• Negative Sentiment: Although net income reached $205.9 million, $140.6 million came from a discrete tax benefit. That benefit is unlikely to recur, making underlying profitability less impressive than the headline EPS figure. With RELY trading near its 12-month high and at an elevated earnings multiple, investors may have expected a more substantial guidance increase, contributing to the weaker share price reaction.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.