Remitly Global Stock Was Soaring This Week: Here's Why [Yahoo! Finance]
Remitly Global, Inc. (RELY)
US:NASDAQ Investor Relations:
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Source: Yahoo! Finance
that is trying to disrupt legacy players posted strong and accelerating revenue growth in the second quarter, driven by new user sign-ups. Shares are now up 33% in the past month, but still down 60% from its IPO back in 2021. Here's why Remitly stock was running higher this week. Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » In the third quarter of 2024, Remitly's revenue grew 39% year over year to $336.5 million, an acceleration from 31% growth last quarter. This was driven by a 42% increase in spending volume across the Remitly platform. Remitly earns revenue by taking a cut of every transaction. The company now has 7.3 million active customers, up from 5.4 million a year ago. Currently, it is spending a lot on product development and marketing in order to get its remittance product highly robust and to make sure as many people hear about it as possible. This strategy seems to be working, and the company is now
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RELY
News
- Remitly Global, Inc. (NASDAQ: RELY) had its price target raised by analysts at Barclays PLC from $16.00 to $20.00. They now have an "overweight" rating on the stock.MarketBeat
- Remitly Global, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next [Yahoo! Finance]Yahoo! Finance
- Remitly Global Third Quarter 2024 Earnings: Beats Expectations [Yahoo! Finance]Yahoo! Finance
- Remitly Global, Inc. (NASDAQ: RELY) had its price target raised by analysts at JMP Securities from $22.00 to $25.00. They now have a "market outperform" rating on the stock.MarketBeat
- Remitly Global, Inc. (NASDAQ: RELY) had its price target raised by analysts at KeyCorp from $20.00 to $21.00. They now have an "overweight" rating on the stock.MarketBeat
RELY
Earnings
- 10/30/24 - Beat
RELY
Sec Filings
- 10/30/24 - Form 10-Q
- 10/30/24 - Form 8-K
- 10/24/24 - Form SC
- RELY's page on the SEC website