In a remarkable display of resilience and growth, Remitly Global Inc. (RELY) stock has soared to a 52-week high, reaching a price level of $22.09. According to InvestingPro data, the company boasts a market capitalization of $4.3 billion and maintains strong liquidity with a healthy current ratio of 2.66. This peak reflects a significant turnaround for the company, which has seen its value appreciate by 18.01% over the past year. The company's impressive revenue growth of 35.18% and analyst price targets ranging from $18 to $30 underscore the market's optimism. Investors have shown increasing confidence in Remitly's business model and growth prospects, propelling the stock to new heights. For deeper insights into RELY's growth trajectory, InvestingPro subscribers can access additional financial metrics and expert analysis in the comprehensive Pro Research Report. The company's performance is particularly noteworthy in the context of the broader market trends, suggesting that Remitly has been successful in executing its strategy and capturing market share. Based on InvestingPro's Fair Value analysis, the stock is currently trading near its fair value, with analysts maintaining a bullish consensus recommendation of 1.82 (where 1 is Strong Buy and 5 is Strong Sell).
In other recent news, Remitly Global Inc. witnessed a significant increase in its third-quarter revenue, growing 39% to $336.5 million. The company also reported an adjusted EBITDA of $46.7 million, representing a nearly 14% margin. Notably, the number of active customers rose by 35% to 7.3 million, while send volume escalated by 42% to $14.5 billion.
These positive developments prompted Remitly to raise its full-year revenue and adjusted EBITDA outlook for 2024. In response to the strong performance, KeyBanc Capital Markets upgraded its price target for the company to $21, while maintaining an Overweight rating.
Looking ahead, Remitly anticipates a low to mid-20s percentage growth in revenue for 2025, driven by customer loyalty and a robust product. 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, as reported in their latest earnings call.
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