Remitly Global, Inc. (NASDAQ:RELY) Short Interest Up 29.9% in March

Remitly Global, Inc. (NASDAQ:RELY) was the recipient of a significant 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. Based on an average daily volume of 2,150,000 shares, the days-to-cover ratio is currently 4.4 days. Approximately 6.3% of the shares of the company are short sold.

Remitly Global Price Performance

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

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 sale, the insider now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 over the last ninety days. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently bought and sold shares of RELY. Allspring Global Investments Holdings LLC acquired a new position in shares of Remitly Global during the 4th quarter worth $1,228,000. M&T Bank Corp acquired a new position in shares of Remitly Global in the 3rd quarter worth approximately $693,000. DHK Financial Advisors Inc. acquired a new position in Remitly Global during the fourth quarter worth $273,000. Robeco Institutional Asset Management B.V. increased its position in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Remitly Global in the third quarter valued at approximately $628,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.