Key Highlights:
- Remitly (RELY, Financial) reported significant revenue growth, exceeding analyst expectations by 2.4%.
- Despite a positive earnings report, the stock price has decreased significantly, down 23.2% since the release.
- Analysts see potential for substantial upside, with price targets averaging 63.36% above current levels.
Remitly Global Inc (RELY) has recently captured investor attention with a remarkable 32.9% increase in revenue, achieving a total of $351.9 million. This performance not only exceeded analyst expectations by 2.4% but also showcased the company's robust growth. However, despite the strong quarterly results and optimistic EBITDA guidance, Remitly's stock experienced a significant decline of 23.2% post-earnings announcement, settling at $19.91.
Wall Street Analysts Forecast
Wall Street remains optimistic about Remitly's future. Analyzing the one-year price targets given by 8 prominent analysts, the average target price for Remitly Global Inc (RELY, Financial) stands at $30.50, with potential estimates varying from a high of $35.00 to a low of $25.00. This suggests a promising upside potential of 63.36% from the current stock price of $18.67. Investors can explore more detailed estimates on the Remitly Global Inc (RELY) Forecast page.
The consensus from 11 brokerage firms rates Remitly Global Inc (RELY, Financial) with an average recommendation of 1.9, classifying the stock as "Outperform." This rating is based on a scale where 1 indicates a Strong Buy, and 5 signifies a Sell, reflecting positive sentiment towards the company's stock.
Furthermore, GuruFocus' estimations project the GF Value of Remitly Global Inc (RELY, Financial) to be $28.21 in one year, indicating a potential upside of 51.1% from the current trading price of $18.67. The GF Value is a calculated estimation of the stock's fair value, derived from historical trading multiples, past business performance, and future growth prospects. Investors seeking an in-depth understanding can visit the Remitly Global Inc (RELY) Summary page for detailed insights.
