Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Drops By 16.8%

Remitly Global, Inc. (NASDAQ:RELY) was the target of a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 5,416,316 shares, a decrease of 16.8% from the February 26th total of 6,506,741 shares. Approximately 2.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,562,763 shares, the days-to-cover ratio is currently 1.5 days.

Remitly Global Price Performance

Shares of RELY opened at $15.01 on Monday. Remitly Global has a 52-week low of $12.08 and a 52-week high of $24.70. The company has a market capitalization of $3.16 billion, a PE ratio of 48.42, a price-to-earnings-growth ratio of 0.53 and a beta of 0.06. The stock has a fifty day simple moving average of $15.00 and a two-hundred day simple moving average of $14.84. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating 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 firm had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same quarter in the previous year, the company posted ($0.03) EPS. The company’s revenue was up 25.7% compared to the same quarter last year. As a group, equities analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Activity

In other news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction that occurred 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 owned 32,576 shares in the company, valued at $419,904.64. This trade represents a 12.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ltd Naspers sold 12,000,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the sale, the insider directly owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. The trade was a 47.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 12,073,290 shares of company stock worth $193,019,269. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Torren Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $25,000. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global during the 3rd quarter valued at approximately $33,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global in the fourth quarter valued at approximately $28,000. First Horizon Corp purchased a new position in Remitly Global in the third quarter worth approximately $36,000. Finally, GAMMA Investing LLC grew its position in Remitly Global by 280.2% in the fourth 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 during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RELY shares. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Oppenheimer set a $20.00 price objective on Remitly Global in a research note on Thursday, February 19th. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, JPMorgan Chase & Co. decreased their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $22.78.

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.