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

Remitly Global, Inc. (NASDAQ:RELY) was the target 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 presently 4.4 days. Currently, 6.3% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RELY shares. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Barclays upped their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group lifted their price target on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective 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. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $28.13.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock worth $1,081,736 over the last 90 days. 8.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RELY. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth approximately $28,000. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares during the last quarter. R Squared Ltd bought a new stake in shares of Remitly Global during the 4th quarter worth $89,000. FMR LLC grew its position in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the 4th quarter valued at approximately $135,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Up 0.7 %

NASDAQ:RELY traded up $0.14 during mid-day trading on Tuesday, hitting $20.94. The stock had a trading volume of 1,727,686 shares, compared to its average volume of 1,911,497. Remitly Global has a 52 week low of $11.60 and a 52 week high of $27.32. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -110.21 and a beta of 0.07. The company has a 50 day simple moving average of $23.02 and a 200-day simple moving average of $20.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. As a group, equities research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current 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.