Remitly (RELY): The Cross-Border Cashflow You Might Wanna Know About
Alright, let’s talk about Remitly Global, Inc. — ticker symbol RELY, a company that's all about helping people send money across borders with just a few taps on their phones. These guys started out back in 2011 and have been hustling out of Seattle, Washington. Think of it like Venmo or PayPal, but with an international twist — super handy for people sending money back home to family.
Earnings: RELY is Rollin' in Revenue
Remitly just dropped their third-quarter earnings for 2024, and yeah, they're kinda crushing it. Revenue hit $336.5 million, which is up by 39% from last year. It's not just good, it’s profitable. They actually reported GAAP net income this time around, which means they’re pulling in some real cash even after accounting for all the fancy accountant stuff. Plus, they’re showing adjusted EBITDA, which just means they’ve got a bit of breathing room on their profits after expenses. Not bad for a company that’s only been around since 2011, right?
What the Analysts Say
Now, if you’re into stock predictions (and who isn’t?), the analysts have spoken: they’re giving RELY a 12-month price target of around $21.57. That’s like a 23% bump from where it’s sitting right now. Translation? Wall Street thinks this stock might be on a bit of a glow-up. Of course, you never know with stocks, but this seems to be a pretty chill trajectory for Remitly if they keep doing their thing.
P/E Ratio: Not Too Shabby
So let’s talk numbers. Their forward Price-to-Earnings (P/E) ratio sits at 25.70. For anyone who’s not an accountant, the P/E ratio is just a quick way to gauge if a stock’s pricey or a deal, depending on how much earnings you’re getting for each dollar you invest. A 25.70 P/E? It’s not dirt cheap, but it’s not in nosebleed territory either. It kinda signals that the market has some confidence in these guys.
Recent Good Vibes
Remitly’s latest quarter wasn’t just good news for their balance sheet. They raised their full-year 2024 outlook too, basically saying, “Yeah, we’re feelin' pretty good about where we’re headed.” This confidence boost has got both investors and analysts giving them a second look. They’re kinda like that band that played some solid gigs and now might be heading to the main stage.
If you’re curious to dig deeper, you can always check out their Investor Relations page. But for now, just know that Remitly’s showing some solid momentum — and if they keep at it, RELY could be one to keep an eye on.