Remitly (RELY) stock has underperformed the market this year, falling by over 22% even as the Nasdaq 100 and S&P 500 indices have soared by 20%+ and moved to their all-time highs. It remains 47% below its highest level in 2023 and by 72% from its all-time high, bringing its market cap to $2.9 billion.
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The average of price targets set by Wall Street analysts indicates a potential upside of 54.4% in Remitly Global (RELY). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
The consensus price target hints at a 74.4% upside potential for Remitly Global (RELY). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.
Remitly Global, Inc. (NASDAQ:RELY ) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET Company Participants Stephen Shulstein – Vice President, Investor Relations Matt Oppenheimer – Co-Founder and Chief Executive Officer Hemanth Munipalli – Chief Financial Officer Conference Call Participants Tien-Tsin Huang – JPMorgan Andrew Schmidt – Citi Allison Gelman – Barclays Will Nance – Goldman Sachs David Scharf – Citizens JMP Darrin Peller – Wolfe Research Cris Kennedy – William Blair Alex Markgraff – KeyBanc Capital Markets Andrew Bauch – Wells Fargo Rufus Hone – BMO Gustavo Gala – Monness, Crespi, Hardt & Company Matthew ONeill – FT Partners Operator Thank you for standing by. Welcome to the Remitly Second Quarter 2024 Earnings Call.
Remitly Global, Inc. (RELY) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.11 per share a year ago.