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

Remitly Global, Inc. (NASDAQ:RELY) was the target of a large decline in short interest in February. As of February 27th, there was short interest totaling 6,506,741 shares, a decline of 12.9% from the February 12th total of 7,466,232 shares. Based on an average trading volume of 6,863,488 shares, the short-interest ratio is currently 0.9 days. Approximately 3.4% of the company’s stock are sold short. Approximately 3.4% of the company’s stock are sold short. Based on an average trading volume of 6,863,488 shares, the short-interest ratio is currently 0.9 days.

Insider Buying and Selling at Remitly Global

In related news, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were 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 of the company’s stock, valued at approximately $419,904.64. This trade represents a 12.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the sale, the chief financial officer directly owned 862,759 shares of the company’s stock, valued at $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,073,290 shares of company stock worth $193,019,269 over the last 90 days. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently added to or reduced their stakes in RELY. Baillie Gifford & Co. boosted its position in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. Marshall Wace LLP raised its position in shares of 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 purchasing an additional 1,962,076 shares during the period. Norges Bank acquired a new stake in shares of Remitly Global during the 2nd quarter worth about $36,619,000. Finally, Azora Capital LP acquired a new stake in shares of Remitly Global during the 3rd quarter worth about $31,213,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Up 0.1%

Shares of NASDAQ:RELY opened at $15.26 on Tuesday. Remitly Global has a 52-week low of $12.08 and a 52-week high of $24.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The company has a market capitalization of $3.21 billion, a P/E ratio of 49.23 and a beta of 0.06. The company has a 50-day simple moving average of $14.60 and a 200 day simple moving average of $15.07.

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, topping analysts’ consensus estimates of $0.02 by $0.17. The firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business’s revenue was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Sell-side analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. The Goldman Sachs Group increased their target price on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Wall Street Zen raised Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Bank of America assumed coverage on Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target 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.