Can Remitly Global (RELY) Run Higher on Rising Earnings Estimates?

Core Viewpoint - Remitly Global, Inc. (RELY) shows potential as a strong investment opportunity due to significant revisions in earnings estimates, indicating an improving earnings outlook [1][9]. Earnings Estimate Revisions - The trend in estimate revisions reflects growing analyst optimism regarding the company's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, the earnings estimate is $0.02 per share, representing a 100.0% increase from the previous year, with a 33.33% rise in the Zacks Consensus Estimate over the last 30 days [6]. - For the full year, the earnings estimate stands at $0.12 per share, marking a 163.2% increase from the prior year, with two estimates moving up recently and no negative revisions [7]. Zacks Rank and Performance - Remitly Global has achieved a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in raising earnings estimates, which historically correlates with stock outperformance [3][8]. - Stocks with a Zacks Rank 1 and 2 have shown significant outperformance compared to the S&P 500, with Zacks 1 stocks averaging a +25% annual return since 2008 [3][8]. Recent Stock Performance - Over the past four weeks, Remitly Global shares have increased by 9.5%, suggesting investor confidence in the company's earnings growth prospects due to the favorable estimate revisions [9].