Wise (LON: WISE) share price continued rising after the company published strong results. The stock rose to a high of 721p, which was the highest level since January 6 of this year. It has surged by more than 150% from the year-to-date low, giving it a market cap of over 7.3 billion pounds.
Wise earnings review
Wise is a leading fintech company that makes it possible for people to send money locally and internationally. It also offers a multi-currency account that makes it possible for people to save and spend cash internationally.
Wise has defied gravity in the past few months. While the FTSE 100 and FTSE 250 indices have slipped recently, Wise shares have risen by over 150% since July this year.
This rebound happened as other fintech stocks crashed. Most technology companies in the industry like PayPal, Affirm, and Block have seen their shares tumble as investors worry about growth.
Wise share price rose sharply after the company published strong Q2 results. The company served over 5.5 million customers move over 27 billion pounds during the quarter. That was a 50% increase from what it made in the same period last year.
Its revenue rose from £132.8 million in 2022 to over £132.8 million while volume rose from £18 billion to £27 billion. With interest rates rising, the company made over £17.5 million in net interest income on customer balances.
Wise also managed to increase prices across its platform. Its average price increased to 0.64% compared to 0.61% in the previous quarter. It also managed to lower fees in some routes despite elevated inflation levels. The statement added that:
“We’ve seen extreme macroeconomic conditions persist throughout the second quarter, and whilst unfortunately this meant we had to raise prices slightly for some customers, we’ve been working hard to limit these increases and are working to bring them back down again.”
Wise share price forecast
The daily chart shows that the Wise stock price has been in a strong bullish trend in the past few months. It has managed to move to the 50% Fibonacci Retracement level. Also, the shares moved above the 25-day and 50-day volume-weighted moving average (VWMA) while the Relative Strength Index (RSI) has moved above the overbought level.
Therefore, the stock will likely continue rising as bulls target the next key resistance level at 800p. A drop below the support at 730p will invalidate the bullish view.
The post With the Wise share price in recovery mode, is it a buy? appeared first on Invezz.
