Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Rises By 17.5%

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) was the recipient of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 8,540,000 shares, an increase of 17.5% from the April 30th total of 7,270,000 shares. Currently, 5.2% of the shares of the company are sold short. Based on an average trading volume of 2,620,000 shares, the short-interest ratio is presently 3.3 days.

Analyst Upgrades and Downgrades

RELY has been the topic of several research analyst reports. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. The Goldman Sachs Group raised their price objective on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays raised their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Finally, BMO Capital Markets raised their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Insider Buying and Selling

In other Remitly Global news, Director Joshua Hug sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the sale, the director now directly owns 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. This trade represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was 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 12,099,551 shares of company stock valued at $276,596,340 over the last ninety days. Company insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Alliancebernstein L.P. lifted its position in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after buying an additional 4,037,151 shares in the last quarter. Norges Bank purchased a new position in Remitly Global during the fourth quarter worth approximately $66,169,000. Driehaus Capital Management LLC purchased a new position in Remitly Global during the first quarter worth approximately $32,731,000. Nuveen LLC purchased a new position in Remitly Global during the first quarter worth approximately $32,703,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after buying an additional 1,276,991 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 3.2%

Shares of NASDAQ RELY traded up $0.66 during midday trading on Friday, hitting $21.54. The stock had a trading volume of 2,727,527 shares, compared to its average volume of 2,060,739. The company has a market capitalization of $4.39 billion, a PE ratio of -113.37 and a beta of 0.18. The stock has a 50 day simple moving average of $21.06 and a 200-day simple moving average of $22.02. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same quarter last year, the business posted ($0.11) earnings per share. The business's quarterly revenue was up 34.3% compared to the same quarter last year. As a group, analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

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.