SEATTLE—Rene Yoakum, Executive Vice President of Customer and Culture at Remitly Global Inc. (NASDAQ:RELY), recently reported the sale of company stock valued at $562,871. The transactions involved two separate sales of common stock on November 6, 2024.
Yoakum sold a total of 28,133 shares, with the sale prices ranging from $20.00 to $20.01 per share. Following these transactions, Yoakum now holds 122,522 shares directly.
Additionally, Yoakum exercised stock options to acquire 28,133 shares at prices between $1.70 and $2.00 per share, amounting to a total transaction value of $54,170. The stock option exercises were part of previously established plans, as indicated by the footnotes in the transaction report.
These transactions were filed with the Securities and Exchange Commission on November 7, 2024.
In other recent news, Remitly Global Inc. reported strong financial results for the third quarter of 2024, including a 39% revenue increase to $336.5 million and an adjusted EBITDA of $46.7 million, indicating a nearly 14% margin. The company also reported a 35% increase in active customers to 7.3 million and a 42% rise in send volume to $14.5 billion. In light of these developments, Remitly raised its full-year revenue and adjusted EBITDA outlook for 2024.
KeyBanc Capital Markets revised its outlook on Remitly, raising its price target to $21 from $20 while maintaining an Overweight rating. This followed Remitly's robust third-quarter performance, which surpassed expectations. KeyBanc also adjusted its fiscal year 2024 revenue and adjusted EBITDA estimates upwards, reflecting confidence in Remitly's customer acquisition trends and marketing efficiency.
Looking ahead, Remitly's initial revenue growth projections for fiscal year 2025 are slightly below market expectations, with a forecast of low- to mid-20s percentage growth. This cautious guidance takes into account the normalization of the foreign exchange impact. However, the company also expects a sequential decline in the gross take rate due to transaction size and currency fluctuations. These are among the recent developments for Remitly.
InvestingPro Insights
Remitly Global Inc. (NASDAQ:RELY) has been experiencing significant market momentum, as evidenced by recent InvestingPro data. The company's stock has shown impressive returns, with a 51.28% increase over the past month and a 42.43% gain over the last three months. This upward trend aligns with the recent insider stock sale by Executive Vice President Rene Yoakum, potentially indicating a favorable market perception of the company's value.
Despite the strong recent performance, InvestingPro Tips suggest that the stock may be in overbought territory, based on its Relative Strength Index (RSI). This could be relevant for investors considering the timing of Yoakum's stock sale and option exercises.
Another noteworthy InvestingPro Tip indicates that Remitly's net income is expected to grow this year, which could be a positive sign for the company's financial health and future prospects. This expectation of profitability comes despite the company not being profitable over the last twelve months, suggesting a potential turnaround in financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 11 more InvestingPro Tips available for Remitly Global Inc., providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.