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Remitly shares drop after strong Q2 growth and record profits
Remitly’s stock slid in September after analysts largely kept Buy ratings, even as they flagged risks from immigration policy and intensifying competition.
Remitly Global’s shares pulled back in September after the company posted strong Q2 growth and record profits, MarketBeat Ratings notes.
The outlet says Wall Street largely continues to rate the stock a Buy, but highlights that Remitly’s customer demand is tied to immigration and trade policy, while competition remains intense.
MarketBeat Ratings also frames the recent decline as a test for investors trying to judge whether the pullback is a buying opportunity or a signal that the stock’s gains are becoming harder to sustain.
The story also points to activity leading into the pullback, including Remitly’s Sept. 9 partnership with Etsy that lets new sellers use the service, as the company seeks to expand its cross-border financial offerings.