Remitly Global, Inc. (NASDAQ:RELY) Short Interest Down 15.1% in April

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

Remitly Global Stock Performance

NASDAQ RELY opened at $20.94 on Friday. Remitly Global has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a market cap of $4.27 billion, a PE ratio of -110.21 and a beta of 0.15. The firm has a 50-day moving average of $20.55 and a 200-day moving average of $21.16.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. As a group, analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,166 shares of company stock valued at $1,133,685 in the last 90 days. 8.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Edgestream Partners L.P. boosted its position in shares of Remitly Global by 166.9% in the first quarter. Edgestream Partners L.P. now owns 84,417 shares of the financial services provider’s stock valued at $1,756,000 after acquiring an additional 52,783 shares during the period. Xponance Inc. raised its stake in Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 518 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Remitly Global by 10.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 59,590 shares of the financial services provider’s stock valued at $1,239,000 after purchasing an additional 5,816 shares during the period. Penserra Capital Management LLC grew its position in shares of Remitly Global by 448.2% during the 1st quarter. Penserra Capital Management LLC now owns 365,087 shares of the financial services provider’s stock worth $7,593,000 after purchasing an additional 298,491 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Remitly Global during the first quarter worth approximately $1,231,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RELY has been the subject of a number of analyst reports. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price target 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. JMP Securities reissued a “market outperform” rating and issued a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. Barclays upped their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, KeyCorp reduced their price target on Remitly Global from $33.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

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.