Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 19.6% in February

Remitly Global, Inc. (NASDAQ:RELY) was the target of a significant drop in short interest during the month of February. As of February 13th, there was short interest totaling 7,466,232 shares, a drop of 19.6% from the January 29th total of 9,281,003 shares. Based on an average trading volume of 3,159,401 shares, the short-interest ratio is currently 2.4 days. Approximately 3.9% of the company’s shares are short sold. Approximately 3.9% of the company’s shares are short sold. Based on an average trading volume of 3,159,401 shares, the short-interest ratio is currently 2.4 days.

Remitly Global Stock Down 1.2%

RELY stock opened at $17.37 on Thursday. The company’s 50 day moving average price is $14.19 and its 200 day moving average price is $15.23. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 56.03 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. On average, equities research analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RELY has been the subject of a number of research analyst reports. Cantor Fitzgerald raised their target price on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, February 19th. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Citizens Jmp upped their target price on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $22.78.

Insider Buying and Selling

In other Remitly Global news, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total transaction of $58,005.00. Following the transaction, the director directly owned 32,576 shares in the company, valued at $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total value of $49,050.00. Following the transaction, the insider owned 215,830 shares of the company’s stock, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,500 shares of company stock worth $179,455 over the last three months. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Torren Management LLC purchased a new position in Remitly Global in the fourth quarter valued at $25,000. Essex Investment Management Co. LLC acquired a new position in shares of Remitly Global during the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global during the 4th quarter worth about $28,000. First Horizon Corp purchased a new position in shares of Remitly Global in the 3rd quarter valued at about $36,000. Finally, GAMMA Investing LLC raised its position in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

About Remitly Global

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.