Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 16.8% in March

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

Remitly Global Stock Up 2.3%

Shares of NASDAQ RELY opened at $15.67 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company has a 50-day moving average price of $15.07 and a 200-day moving average price of $14.80. The stock has a market capitalization of $3.30 billion, a P/E ratio of 50.55, a P/E/G ratio of 0.54 and a beta of 0.06. Remitly Global has a 1 year low of $12.08 and a 1 year high of $24.70.

Remitly Global (NASDAQ:RELY) last posted its 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. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The firm’s revenue was up 25.7% compared to the same quarter last year. On average, equities research analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Remitly Global 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 directly owned 32,576 shares in the company, valued at approximately $419,904.64. This represents a 12.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. This trade represents a 47.17% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 12,073,290 shares of company stock worth $193,019,269. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Torren Management LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Essex Investment Management Co. LLC purchased a new stake in Remitly Global in the 3rd quarter valued at $33,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global in the 4th quarter valued at $28,000. First Horizon Corp bought a new position in Remitly Global during the 3rd quarter valued at $36,000. Finally, GAMMA Investing LLC lifted its stake in Remitly Global by 280.2% during the 4th 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 in the last quarter. Institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Bank of America started coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target for the company. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Cantor Fitzgerald boosted their target price on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, February 19th. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus 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.