Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Decreases By 15.1%

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 6,880,000 shares, a decrease of 15.1% from the March 31st total of 8,100,000 shares. Approximately 4.6% of the shares of the stock are short sold. Based on an average daily volume of 2,320,000 shares, the days-to-cover ratio is presently 3.0 days.

Remitly Global Trading Up 3.3 %

NASDAQ:RELY opened at $20.94 on Friday. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of -110.21 and a beta of 0.15. The business's 50-day moving average price is $20.55 and its two-hundred day moving average price is $21.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Sell-side analysts predict that Remitly Global will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $19.23, for a total value of $192,300.00. Following the completion of the sale, the insider now owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. This trade represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,166 shares of company stock valued at $1,133,685. 8.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently made changes to their positions in RELY. Allspring Global Investments Holdings LLC bought a new position in Remitly Global during the fourth quarter worth about $1,228,000. DHK Financial Advisors Inc. acquired a new stake in shares of Remitly Global during the fourth quarter worth about $273,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Bank of Montreal Can grew its position in shares of Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock worth $28,135,000 after purchasing an additional 25,616 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of several research reports. The Goldman Sachs Group lowered their price objective on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. KeyCorp decreased their price objective on Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Wells Fargo & Company boosted their target price on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. Finally, William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

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.

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