SEATTLE—Ankur Sinha, the Chief Product and Tech Officer of Remitly Global, Inc. (NASDAQ:RELY), sold shares of the company on November 20, according to a recent SEC filing. Sinha sold a total of 1,112 shares at a price of $20.50 per share, amounting to a total transaction value of $22,796. Following this sale, Sinha holds 326,576 shares of Remitly Global.
In other recent news, mobile payments service provider Remitly Global Inc. reported a significant increase in revenue and active customers in the third quarter of 2024. The company announced a 39% growth in revenue to $336.5 million and a nearly 14% margin with an adjusted EBITDA of $46.7 million. Additionally, the number of active customers rose by 35% to 7.3 million, and send volume increased by 42% to $14.5 billion.
Following these developments, Remitly raised its full-year revenue and adjusted EBITDA outlook for 2024. KeyBanc Capital Markets responded to this performance by increasing its price target for Remitly from $20 to $21, maintaining an Overweight rating on the stock.
Looking ahead, Remitly's initial revenue growth projections for fiscal year 2025 are slightly below market expectations, forecasting low- to mid-20s percentage growth. This caution is attributed to the normalization of the foreign exchange impact. Despite this, KeyBanc has revised its fiscal year 2024 revenue and adjusted EBITDA estimates upwards, expressing confidence in Remitly's customer acquisition trends and marketing efficiency.
InvestingPro Insights
As Remitly Global's Chief Product and Tech Officer makes moves in the stock market, recent data from InvestingPro sheds light on the company's financial health and market performance. Remitly's stock has shown remarkable strength recently, with InvestingPro data revealing a 42.52% price return over the past month and an impressive 50.07% return over the last three months. This upward trajectory aligns with an InvestingPro Tip suggesting that the company has enjoyed a "Strong return over the last month."
Despite the positive stock performance, InvestingPro Tips indicate that Remitly was not profitable over the last twelve months. However, analysts predict the company will turn profitable this year, which could explain the recent investor optimism. The company's revenue growth remains robust, with a 35.18% increase in the last twelve months, reaching $1.18 billion.
It's worth noting that Remitly is trading at a high Price / Book multiple of 6.61, which may indicate investor confidence in the company's future prospects. For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide valuable insights into Remitly's financial outlook and market position.
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