Remitly Global, Inc. (NASDAQ:RELY) Short Interest Up 29.9% in March

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) saw a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 9,380,000 shares, an increase 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 short-interest ratio is presently 4.4 days. Approximately 6.3% of the shares of the company are short sold.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares of the company's stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock worth $1,081,736 over the last 90 days. Insiders own 8.10% of the company's stock.

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Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Advisors Asset Management Inc. increased its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,466 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Remitly Global in the third quarter valued at approximately $603,000. Charles Schwab Investment Management Inc. raised its stake in Remitly Global by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,220,966 shares of the financial services provider's stock valued at $16,349,000 after acquiring an additional 12,875 shares during the period. The Manufacturers Life Insurance Company boosted its position in Remitly Global by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after purchasing an additional 1,170 shares during the period. Finally, 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 purchasing an additional 1,970 shares during the period. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Down 5.7 %

NASDAQ RELY traded down $1.22 during trading on Thursday, reaching $20.16. 129,966 shares of the stock traded hands, compared to its average volume of 1,910,046. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The stock's 50-day moving average price is $22.95 and its 200 day moving average price is $20.21. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -106.29 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results 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. The firm had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. increased their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company lifted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.25.

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.