REMITLY GLOBAL INC

Remitly reported customer growth of about 20% quarter over quarter while send volume rose roughly twice as fast, boosting revenue and producing EBITDA gains of 74% in Q1 and 79% in Q2. Pretax net income reached $64.6 million on nearly $500 million revenue in Q2 as digital scale and larger/active customers improved unit economics. Analysts see secular tailwinds in cross-border remittances and project continued market share gains, though the stock may remain volatile and suits long-term growth investors. » More on finance.yahoo.com

Remitly reported adjusted earnings per share of $0.93 and revenue of $495.2 million, both well above consensus, while active customers topped 10 million for the first time and transaction volume grew to $23.5 billion. Management raised the full-year revenue guidance to roughly $1.978–1.988 billion and expects Q3 revenue of $505–507 million. The adjusted EBITDA margin climbed to 23.2%, analysts raised price targets, and the stock rose intraday about 7.6% to a 52-week high. » More on de.investing.com

Remitly Global shares rose to a new 52-week high of 24.96 USD and are currently trading at 24.94 USD; the stock is up 35% year-to-date and 71% over six months. InvestingPro rates the company’s financial position as "VERY GOOD" and continues to view the company as undervalued. Remitly received a Stored Value Facilities licence in the UAE, enabling regulated operations as a remittance provider in an important market. Cantor Fitzgerald reiterated an Overweight rating with a 28.00 USD price target, while Citizens kept Market Outperform and a 26.00 USD target. Chief product and technology officer Ankur Sinha resigned effective June 19; at the same time, volume from high-value senders grew 73% year over year, according to Cantor Fitzgerald. » More on de.investing.com