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

Remitly Global, Inc. (NASDAQ:RELY) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totaling 13,742,989 shares, an increase of 148.3% from the April 30th total of 5,534,001 shares. Currently, 7.0% of the shares of the company are sold short. Based on an average daily volume of 8,389,938 shares, the days-to-cover ratio is presently 1.6 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RELY. Cantor Fitzgerald upped their price target on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. KeyCorp increased their price target on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Finally, Bank of America initiated coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.63.

Remitly Global Stock Up 0.1%

Remitly Global stock opened at $20.02 on Friday. The business has a 50 day moving average price of $19.55 and a two-hundred day moving average price of $16.05. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.92. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 40.86 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.05 EPS. On average, analysts expect that Remitly Global will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ankur Sinha sold 7,596 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the sale, the insider owned 1,222,718 shares in the company, valued at $25,762,668.26. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,249,475 shares of company stock valued at $196,767,958 in the last quarter. Insiders own 6.53% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after buying an additional 4,252,294 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Marshall Wace LLP increased its stake in Remitly Global by 74.4% in the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after acquiring an additional 1,962,076 shares during the period. Finally, Azora Capital LP bought a new stake in Remitly Global in the third quarter valued at about $31,213,000. Institutional investors 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.