Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Declines By 15.9%

Remitly Global, Inc. (NASDAQ:RELY) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 7,020,000 shares, a drop of 15.9% from the December 15th total of 8,350,000 shares. Based on an average daily trading volume, of 1,850,000 shares, the short-interest ratio is currently 3.8 days. Approximately 4.8% of the company’s shares are sold short.

Analyst Ratings Changes

A number of research firms have issued reports on RELY. KeyCorp boosted their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their price target on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.13.

Remitly Global Trading Up 0.6 %

Shares of Remitly Global stock traded up $0.14 during trading on Friday, hitting $23.26. 1,326,307 shares of the stock were exchanged, compared to its average volume of 1,172,682. The company has a fifty day moving average price of $21.60 and a 200-day moving average price of $16.71. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of -66.46 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $23.51.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue was up 39.3% on a year-over-year basis. Equities research analysts forecast that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,893 shares of company stock valued at $864,720. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. bought a new position in shares of Remitly Global during the third quarter worth approximately $76,000. FMR LLC raised 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 buying an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC bought a new stake in shares of Remitly Global in the third quarter valued at approximately $144,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Remitly Global during the third quarter worth approximately $151,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Company Profile

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.