Remitly stock hits 52-week high at $23.35 amid robust growth

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 $23.35. The company, now valued at $4.55 billion, has demonstrated impressive financial strength with a healthy current ratio of 2.66. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. This milestone underscores the company's strong performance over the past year, which is further reflected in its impressive 1-year change data, showing a 23.6% increase. The company has achieved remarkable revenue growth of 35.18% over the last twelve months. Investors have shown increased confidence in Remitly's business model and growth strategy, propelling the stock to new heights and signaling a positive outlook for the company's future. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of RELY's growth trajectory.

In other recent news, Remitly Global Inc. has reported substantial growth in its third-quarter earnings. The company's revenue for the quarter increased by 39% to $336.5 million, and adjusted EBITDA reached $46.7 million, indicating a nearly 14% margin. In addition, the company saw a 35% increase in active customers to 7.3 million and a 42% rise in send volume to $14.5 billion. Following these results, Remitly raised its full-year revenue and adjusted EBITDA outlook for 2024.

Moreover, KeyBanc Capital Markets upgraded Remitly's price target to $21 from $20 while maintaining an Overweight rating on the stock. This upgrade comes in response to the company's strong financial performance.

In other developments, Remitly Global has entered a consulting agreement with its outgoing Executive Vice President of Customer and Culture, Rene Yoakum. Under the terms of the agreement, Ms. Yoakum will provide consulting services to the company until December 31, 2026. The agreement includes the vesting of stock options and restricted stock units, along with coverage of Ms. Yoakum's healthcare costs.

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