Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 12.9% in February

Remitly Global, Inc. (NASDAQ:RELY) was the recipient of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 6,506,741 shares, a drop of 12.9% from the February 12th total of 7,466,232 shares. Based on an average daily volume of 6,863,488 shares, the days-to-cover ratio is currently 0.9 days. Approximately 3.4% of the shares of the company are short sold. Approximately 3.4% of the shares of the company are short sold. Based on an average daily volume of 6,863,488 shares, the days-to-cover ratio is currently 0.9 days.

Insider Transactions at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the sale, the chief financial officer directly owned 862,759 shares of the company’s stock, valued at approximately $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ankur Sinha sold 9,741 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total transaction of $165,012.54. Following the completion of the transaction, the insider owned 1,180,119 shares in the company, valued at approximately $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,073,290 shares of company stock valued at $193,019,269 over the last quarter. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RELY. PEAK6 LLC increased its holdings in shares of Remitly Global by 260.0% during the fourth quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider’s stock valued at $648,000 after purchasing an additional 76,258 shares during the period. Corient Private Wealth LLC raised its stake in shares of Remitly Global by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after purchasing an additional 8,300 shares in the last quarter. Virtu Financial LLC acquired a new stake in Remitly Global in the fourth quarter worth about $268,000. Creek Drive Management Group LLC acquired a new stake in Remitly Global in the fourth quarter worth about $2,036,000. Finally, Mercer Global Advisors Inc. ADV grew its position in Remitly Global by 102.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock valued at $7,767,000 after buying an additional 284,713 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.20 during trading hours on Wednesday, hitting $15.47. The stock had a trading volume of 385,031 shares, compared to its average volume of 3,847,427. The stock’s fifty day simple moving average is $14.65 and its 200 day simple moving average is $15.05. Remitly Global has a 1-year low of $12.08 and a 1-year high of $24.70. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 49.91 and a beta of 0.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same period in the previous year, the firm posted ($0.03) earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. Sell-side analysts anticipate that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RELY shares. Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Citizens Jmp upped their target price on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Finally, Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Remitly Global 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.