Remitly Global, Inc. (NASDAQ:RELY) Sees Significant Growth in Short Interest

Remitly Global, Inc. (NASDAQ:RELY) was the recipient of a large increase in short interest in 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. Approximately 6.3% of the company’s shares are sold short. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is presently 4.4 days.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. boosted its stake in 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 valued at $53,000 after purchasing an additional 1,466 shares during the period. Intech Investment Management LLC acquired a new position in shares of Remitly Global during the third quarter worth approximately $603,000. Charles Schwab Investment Management Inc. boosted its position in shares of Remitly Global by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,220,966 shares of the financial services provider’s stock valued at $16,349,000 after acquiring an additional 12,875 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after acquiring an additional 1,170 shares during the last quarter. Finally, FMR LLC increased its position in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RELY shares. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group upped their target price on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Price Performance

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

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share 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 business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. 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.