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Can Remitly Global (RELY) Run Higher on Rising Earnings Estimates?
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Remitly Global, Inc. (RELY - Free Report) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Remitly Global, Inc., there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate Revisions
For the current quarter, the company is expected to earn $0.02 per share, which is a change of +100.0% from the year-ago reported number.
Over the last 30 days, one estimate has moved higher for Remitly Global compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 33.33%.
Current-Year Estimate Revisions
For the full year, the earnings estimate of $0.12 per share represents a change of +163.2% from the year-ago number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, two estimates have moved up for Remitly Global versus no negative revisions. This has pushed the consensus estimate 33.33% higher.
Favorable Zacks Rank
The promising estimate revisions have helped Remitly Global earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom Line
Remitly Global shares have added 9.5% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
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Can Remitly Global (RELY) Run Higher on Rising Earnings Estimates?
Remitly Global, Inc. (RELY - Free Report) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Remitly Global, Inc., there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate Revisions
For the current quarter, the company is expected to earn $0.02 per share, which is a change of +100.0% from the year-ago reported number.
Over the last 30 days, one estimate has moved higher for Remitly Global compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 33.33%.
Current-Year Estimate Revisions
For the full year, the earnings estimate of $0.12 per share represents a change of +163.2% from the year-ago number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, two estimates have moved up for Remitly Global versus no negative revisions. This has pushed the consensus estimate 33.33% higher.
Favorable Zacks Rank
The promising estimate revisions have helped Remitly Global earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom Line
Remitly Global shares have added 9.5% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.