Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Increases By 29.9%

Remitly Global, Inc. (NASDAQ:RELY) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 9,380,000 shares, a growth of 29.9% from the February 28th total of 7,220,000 shares. Approximately 6.3% of the company’s shares are sold short. Based on an average daily volume of 2,150,000 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Ratings Changes

RELY has been the subject of a number of recent research reports. Barclays lifted their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company boosted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Remitly Global Price Performance

Shares of RELY traded up $0.44 during mid-day trading on Wednesday, reaching $21.38. 1,415,627 shares of the company’s stock were exchanged, compared to its average volume of 1,913,645. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The business’s fifty day simple moving average is $22.98 and its 200-day simple moving average is $20.20. The stock has a market capitalization of $4.29 billion, a PE ratio of -112.53 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Equities research analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 in the last ninety days. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in RELY. Global Retirement Partners LLC acquired a new position in Remitly Global in the 4th quarter valued at about $28,000. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. R Squared Ltd purchased a new position in shares of Remitly Global in the 4th quarter valued at $89,000. FMR LLC raised its holdings in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the 4th quarter valued at $135,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.