Long Position on RELY @ $26.50 on 10/20/2023 (Momentum)

Remitly (RELY) is a leading digital financial services provider for immigrants and their families in over 170 countries around the world. It primarily offers cross-border remittance services in approximately 170 countries. 

Its vision is to transform the lives of immigrants and their families by providing the most trusted financial services on the planet.

Shares have formed a bullish "cup and handle" following it's last quarterly report. 

On August 2nd, RELY reported a loss of $0.11 per share on revenue of $234.03 million for the second quarter ended June 2023. The consensus estimate was a loss of $0.17 per share on revenue of $215.81 million.

The company beat consensus estimates by 35.29% while revenue grew 48.82% on a year-over-year basis.

Entry Point: $26.50

Stop Loss: $25.00

Trading Range: $8.94 to $27.95

Target Price: $29.50

Position closed on 11/2/2023 at price of $25.00 with a -5.66% loss in 13 days.

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