Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 15.9% in December

Remitly Global, Inc. (NASDAQ:RELY) was the recipient of a large drop in short interest in December. As of December 31st, there was short interest totalling 7,020,000 shares, a drop of 15.9% from the December 15th total of 8,350,000 shares. Currently, 4.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,850,000 shares, the short-interest ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RELY shares. Barclays increased their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company increased their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Thursday. BMO Capital Markets boosted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $23.13.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,893 shares of company stock worth $864,720 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its holdings in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after buying an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in shares of Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after buying an additional 431,987 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after buying an additional 107,468 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after acquiring an additional 435,827 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Trading Up 0.5 %

Remitly Global stock traded up $0.12 during mid-day trading on Thursday, hitting $23.12. The company’s stock had a trading volume of 1,551,566 shares, compared to its average volume of 1,334,917. The stock’s fifty day moving average is $21.52 and its two-hundred day moving average is $16.60. The firm has a market capitalization of $4.58 billion, a PE ratio of -66.06 and a beta of 0.07. Remitly Global has a 1 year low of $11.60 and a 1 year high of $23.51.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company’s revenue was up 39.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.20) EPS. On average, equities analysts expect that Remitly Global will post -0.23 EPS for the current fiscal year.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.