Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 12.9% in February

Remitly Global, Inc. (NASDAQ:RELY) saw a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 6,506,741 shares, a decrease of 12.9% from the February 12th total of 7,466,232 shares. Currently, 3.4% of the company’s shares are short sold. Based on an average trading volume of 6,863,488 shares, the days-to-cover ratio is currently 0.9 days. Based on an average trading volume of 6,863,488 shares, the days-to-cover ratio is currently 0.9 days. Currently, 3.4% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RELY. Citizens Jmp boosted their target price on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. Wall Street Zen raised Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. dropped their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Finally, Cantor Fitzgerald lifted their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and a consensus target price of $22.78.

Insiders Place Their Bets

In other news, Director Joshua Hug sold 29,049 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the completion of the transaction, the director owned 3,575,733 shares of the company’s stock, valued at $64,291,679.34. The trade was a 0.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the sale, the chief financial officer owned 862,759 shares of the company’s stock, valued at approximately $15,098,282.50. This represents a 2.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,073,290 shares of company stock worth $193,019,269 over the last ninety days. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in shares of Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 714 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares during the last quarter. Xponance Inc. lifted its stake in Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 1,060 shares during the last quarter. Finally, AlphaQuest LLC grew its position in shares of Remitly Global by 34.4% in the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 1,115 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $15.53 on Thursday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 50.10 and a beta of 0.06. The stock’s 50-day moving average is $14.68 and its 200-day moving average is $15.05. Remitly Global has a one year low of $12.08 and a one year high of $24.70. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. The firm had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company’s revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. Equities analysts predict that Remitly Global will post -0.04 earnings per share for the current fiscal year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.