Remitly Global, Inc. (NASDAQ:RELY) Sees Large Increase in Short Interest

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

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets raised their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.13.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares of the company’s stock, valued at approximately $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was 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 in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 over the last 90 days. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new stake in shares of Remitly Global during the 4th quarter worth $28,000. Advisors Asset Management Inc. boosted its position 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 during the period. R Squared Ltd purchased a new position in Remitly Global in the 4th quarter worth about $89,000. FMR LLC raised its holdings in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Remitly Global during the fourth quarter valued at about $135,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of RELY traded down $0.13 during midday trading on Monday, reaching $20.80. The stock had a trading volume of 1,853,578 shares, compared to its average volume of 2,229,754. The company has a market capitalization of $4.17 billion, a P/E ratio of -109.47 and a beta of 0.07. The firm’s 50 day moving average price is $23.07 and its 200-day moving average price is $20.11. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32.

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