Remitly Global (NASDAQ:RELY) Hits New 12-Month High After Earnings Beat

Shares of Remitly Global, Inc. (NASDAQ:RELY) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $26.13 and last traded at $24.4970, with a volume of 51659 shares changing hands. The stock had previously closed at $24.07.

The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS.

Key Stories 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.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RELY. KeyCorp reiterated an “overweight” rating and set a $33.00 price target on shares of Remitly Global in a research report on Thursday. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Wolfe Research reiterated an “outperform” rating and issued a $31.00 target price on shares of Remitly Global in a research note on Thursday. Finally, 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 report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.44.

Insider Buying and Selling

In related news, Director Joshua Hug sold 34,383 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the transaction, the director owned 3,482,320 shares of the company’s stock, valued at approximately $86,674,944.80. This represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the transaction, the director owned 125,317 shares in the company, valued at $2,684,290.14. This represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 170,388 shares of company stock worth $3,725,510 in the last ninety days. 6.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Handelsbanken Fonder AB lifted its holdings in Remitly Global by 29.8% during the second quarter. Handelsbanken Fonder AB now owns 57,500 shares of the financial services provider’s stock valued at $1,289,000 after purchasing an additional 13,200 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 677 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 1,050 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Remitly Global by 124.2% during the 1st quarter. Parallel Advisors LLC now owns 15,540 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 8,609 shares during the last quarter. Finally, Essential Partners LLC raised its position in shares of Remitly Global by 181.8% during the 1st quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 2,116 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Up 3.7%

The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 50.07 and a beta of 0.34. The company has a fifty day moving average of $22.03 and a 200-day moving average of $18.96.

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.