Why Is Remitly (RELY) Stock Rocketing Higher Today

Adam Hejl /
2023/08/03 11:29 am EDT

What Happened:

Shares of online money transfer platform Remitly (NASDAQ:RELY) jumped 20.2% in the morning session after the company reported an impressive "beat and raise" quarter. Second quarter results beat Wall Street's revenue, active users, adjusted EBITDA and earnings per share expectations. Revenue and adjusted EBITDA guidance for the next quarter and full year beat Consensus. Similarly, the company lifted the full-year guidance for both. Overall, it was a stronger quarter for the company with impressive guidance.

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What is the market telling us:

Remitly's shares are somewhat volatile and over the last year have had 29 moves greater than 5%. But moves this big are very rare even for Remitly and that is indicating to us that this news had a significant impact on the market's perception of the business.

Remitly is up 103% since the beginning of the year. Investors who bought $1,000 worth of Remitly's shares at the IPO in September 2021 would now be looking at an investment worth $473.07.

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