Short Interest in Remitly Global, Inc. (NASDAQ:RELY) Drops By 15.9%

Remitly Global, Inc. (NASDAQ:RELY) saw a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 7,020,000 shares, a decrease of 15.9% from the December 15th total of 8,350,000 shares. Based on an average trading volume of 1,850,000 shares, the short-interest ratio is currently 3.8 days. Currently, 4.8% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

RELY has been the subject of several analyst reports. Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.13.

Remitly Global Trading Up 0.6 %

Shares of NASDAQ RELY traded up $0.14 during midday trading on Friday, hitting $23.26. The company’s stock had a trading volume of 1,326,307 shares, compared to its average volume of 1,172,682. The stock has a fifty day moving average price of $21.60 and a 200 day moving average price of $16.71. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of -66.46 and a beta of 0.07. Remitly Global has a one year low of $11.60 and a one year high of $23.51.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.20) earnings per share. On average, equities research analysts predict that Remitly Global will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,893 shares of company stock valued at $864,720. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Millennium Management LLC increased its holdings in shares of Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares during the period. Principal Financial Group Inc. grew its position in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC purchased a new stake in shares of Remitly Global in the 2nd quarter valued at about $9,285,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Remitly Global by 25.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after acquiring an additional 435,827 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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.