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

Remitly Global, Inc. (NASDAQ:RELY) was the recipient of a significant decline in short interest in February. As of February 13th, there was short interest totaling 7,466,232 shares, a decline 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 days-to-cover ratio is presently 2.4 days. Approximately 3.9% of the shares of the stock are short sold. Approximately 3.9% of the shares of the stock are short sold. Based on an average trading volume of 3,159,401 shares, the days-to-cover ratio is presently 2.4 days.

Remitly Global Stock Up 3.8%

Shares of RELY stock traded up $0.65 during trading on Tuesday, hitting $17.58. 4,702,461 shares of the company were exchanged, compared to its average volume of 4,040,473. The business’s 50-day simple moving average is $14.06 and its 200 day simple moving average is $15.22. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.70. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 56.71 and a beta of 0.06. 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 (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating 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 firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same period in the previous year, the firm posted ($0.03) earnings per share. The firm’s revenue was up 25.7% on a year-over-year basis. As a group, analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the transaction, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 transaction of $58,005.00. Following the completion of the sale, the director owned 32,576 shares in the company, valued at $419,904.64. The trade was a 12.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,500 shares of company stock valued at $179,455 over the last three months. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Torren Management LLC acquired a new position in Remitly Global in the 4th quarter worth about $25,000. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the 3rd quarter valued at approximately $33,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global in the fourth quarter worth approximately $28,000. First Horizon Corp bought a new position in Remitly Global during the third quarter valued at approximately $36,000. Finally, GAMMA Investing LLC lifted its stake 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 valued at $30,000 after acquiring an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the subject of several research reports. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. JPMorgan Chase & Co. decreased their price target on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Bank of America started coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Remitly Global presently has an average 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.