Remitly Global, Inc. (NASDAQ:RELY) Short Interest Update

Remitly Global, Inc. (NASDAQ:RELY) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 7,020,000 shares, a decline of 15.9% from the December 15th total of 8,350,000 shares. Based on an average trading volume of 1,850,000 shares, the short-interest ratio is presently 3.8 days. Currently, 4.8% of the company’s stock are short sold.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,893 shares of company stock worth $864,720 over the last 90 days. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of RELY. Principal Financial Group Inc. increased its holdings in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Remitly Global during the 3rd quarter worth approximately $693,000. Neo Ivy Capital Management acquired a new stake in shares of Remitly Global in the 3rd quarter worth approximately $628,000. GSA Capital Partners LLP increased its stake in Remitly Global by 30.2% in the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Remitly Global by 250.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 59,496 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on RELY shares. KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Thursday. Barclays boosted their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, BMO Capital Markets increased their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus price target of $23.13.

Remitly Global Stock Performance

RELY traded up $0.12 during trading on Thursday, hitting $23.12. The stock had a trading volume of 1,551,566 shares, compared to its average volume of 1,334,917. The firm has a market capitalization of $4.58 billion, a P/E ratio of -66.06 and a beta of 0.07. Remitly Global has a twelve month low of $11.60 and a twelve month high of $23.51. The company’s 50-day moving average price is $21.52 and its 200 day moving average price is $16.60.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the company posted ($0.20) earnings per share. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. As a group, equities analysts expect that Remitly Global will post -0.23 earnings per share for the current fiscal 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.