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

Remitly Global, Inc. (NASDAQ:RELY) was the target of a significant growth in short interest in 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 shares of the company are short sold. Based on an average daily volume of 2,150,000 shares, the days-to-cover ratio is currently 4.4 days.

Insider Activity at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

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

Remitly Global Stock Performance

Shares of RELY stock traded up $0.14 during midday trading on Tuesday, hitting $20.94. 1,727,686 shares of the company were exchanged, compared to its average volume of 1,911,497. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a market capitalization of $4.20 billion, a P/E ratio of -110.21 and a beta of 0.07. The firm’s 50 day moving average price is $23.02 and its two-hundred day moving average price is $20.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Analysts expect that Remitly Global will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RELY. JPMorgan Chase & Co. increased their price objective on shares of 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 raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Barclays upped their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Company Profile

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.