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

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) was the target of a large 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. Based on an average trading volume of 2,620,000 shares, the short-interest ratio is presently 3.3 days. Currently, 5.2% of the shares of the company are sold short.

Remitly Global Price Performance

Shares of NASDAQ:RELY traded up $0.65 during midday trading on Friday, hitting $21.53. The company had a trading volume of 2,292,599 shares, compared to its average volume of 2,062,704. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of -113.29 and a beta of 0.18. The business's 50-day simple moving average is $21.05 and its 200-day simple moving average is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) 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 company had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. During the same period in the prior year, the business earned ($0.11) EPS. The firm's quarterly revenue was up 34.3% on a year-over-year basis. As a group, sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, 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 transaction of $95,050.00. Following the sale, the insider now owns 397,805 shares of the company's stock, valued at $7,562,273.05. This trade represents a 1.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total transaction of $61,758.00. Following the completion of the transaction, the chief accounting officer now owns 1,208 shares of the company's stock, valued at approximately $25,549.20. This represents a 70.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,099,551 shares of company stock worth $276,596,340. Company insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently bought and sold shares of RELY. Townsquare Capital LLC grew its stake in shares of Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock valued at $393,000 after buying an additional 459 shares during the period. Xponance Inc. raised its position in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after buying an additional 518 shares during the period. Comerica Bank lifted its holdings in Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after acquiring an additional 534 shares during the last quarter. Sei Investments Co. lifted its holdings in Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 636 shares during the last quarter. Finally, Values First Advisors Inc. grew its position in Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after acquiring an additional 653 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RELY shares. The Goldman Sachs Group upped their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. BMO Capital Markets raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. Finally, William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $28.88.

About Remitly Global

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.