SEATTLE—Yoakum Rene, Executive Vice President of Customer and Culture at Remitly (NASDAQ:RELY) Global Inc. (NASDAQ:RELY), reported a series of stock transactions on November 13, 2024, according to a recent SEC filing.
Rene exercised stock options to acquire 8,234 shares at $1.70 per share and 9,076 shares at $2.00 per share. Following these acquisitions, Rene sold a total of 17,310 shares of Remitly's common stock. The shares were sold at prices ranging from $20.11 to $20.21, resulting in a total transaction value of approximately $348,927.
These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan. After these transactions, Rene holds 122,522 shares directly, along with additional restricted stock units and stock options not reflected in this filing.
In other recent news, Remitly Global Inc. reported robust earnings and revenue growth for the third quarter. The company's revenue increased by 39% to $336.5 million, while the adjusted EBITDA reached $46.7 million, reflecting a nearly 14% margin. Additionally, the mobile payments service provider saw a 35% rise in active customers to 7.3 million and a 42% increase in send volume to $14.5 billion.
KeyBanc Capital Markets revised its outlook on Remitly, raising its price target to $21 and maintaining an Overweight rating. This adjustment follows a significant third-quarter beat by Remitly, bolstered by favorable foreign exchange-related tailwinds and efficient marketing strategies. The company also achieved record numbers of new customers and reached GAAP profitability.
Looking ahead, Remitly has raised its full-year revenue and adjusted EBITDA outlook for 2024. However, the company's fourth-quarter guidance did not fully incorporate the third quarter's gains, attributed to the significant impact of foreign exchange tailwinds. For 2025, Remitly anticipates low- to mid-20s revenue growth, driven by customer loyalty and a strong product. These are among the recent developments for Remitly.
InvestingPro Insights
Recent data from InvestingPro sheds light on Remitly Global Inc.'s (NASDAQ:RELY) financial performance and market position, providing context to Executive Vice President Yoakum Rene's recent stock transactions.
Remitly's market capitalization stands at $3.93 billion, reflecting investor confidence in the company's growth potential. This is supported by the company's strong revenue growth, with a 35.18% increase over the last twelve months as of Q3 2024, reaching $1.18 billion. The company's quarterly revenue growth is even more impressive at 39.27% for Q3 2024, indicating accelerating momentum.
Despite this growth, Remitly is currently not profitable, with a negative operating income of $65.07 million over the last twelve months. However, an InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could explain the recent stock price performance.
The stock has shown remarkable strength recently, with a 42.46% return over the last month and a 40.64% return over the last three months. This aligns with another InvestingPro Tip indicating a strong return over the last month and three months. The stock is currently trading at 87.37% of its 52-week high, suggesting potential upside remains.
It's worth noting that Remitly's Price to Book ratio stands at 6.17, which an InvestingPro Tip flags as trading at a high multiple. This could indicate that investors are pricing in significant future growth expectations.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Remitly Global Inc., providing a deeper understanding of the company's financial health and market position.
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