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

Remitly Global, Inc. (NASDAQ:RELY) was the target of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 6,506,741 shares, a decrease of 12.9% from the February 12th total of 7,466,232 shares. Based on an average daily trading volume, of 6,863,488 shares, the short-interest ratio is currently 0.9 days. Currently, 3.4% of the shares of the company are sold short. Currently, 3.4% of the shares of the company are sold short. Based on an average daily trading volume, of 6,863,488 shares, the short-interest ratio is currently 0.9 days.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 9,741 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total transaction of $165,012.54. Following the completion of the sale, the insider directly owned 1,180,119 shares in the company, valued at $19,991,215.86. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total value of $58,005.00. Following the sale, the director owned 32,576 shares of the company’s stock, valued at approximately $419,904.64. This represents a 12.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 12,073,290 shares of company stock worth $193,019,269. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its stake in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Marshall Wace LLP increased its stake in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after acquiring an additional 67,700 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $15.26 on Tuesday. The company has a 50 day moving average of $14.60 and a 200 day moving average of $15.07. The stock has a market cap of $3.21 billion, a P/E ratio of 49.23 and a beta of 0.06. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.70. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period in the prior year, the company posted ($0.03) EPS. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on RELY. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Bank of America began coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research report on Thursday, February 19th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Buy” and an average target price of $22.78.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.