Remitly Global, Inc. (NASDAQ: RELY) recorded a dramatic spike in short interest during May, signaling increased bearish sentiment among market participants toward the stock.
As of May 15th, short interest in RELY totaled 13,742,989 shares, representing a sharp rise from the April 30th figure of 5,534,001 shares.
That increase amounts to a growth rate of 148.3% in just a two-week period, a notable shift in short positioning for the digital remittance company.
Currently, 7.0% of the total outstanding shares of RELY stock are being held in short positions by investors betting against the company.
The days-to-cover ratio, a metric that measures how long it would take short sellers to exit their positions, currently stands at 1.6 days.
That ratio is calculated based on an average daily trading volume of 8,389,938 shares, suggesting relatively high liquidity in the stock despite elevated short interest.
A days-to-cover ratio of 1.6 days is considered relatively low, meaning short sellers could unwind their positions quickly without significant market disruption.
The surge in short interest from roughly 5.5 million shares to nearly 13.8 million shares in two weeks marks one of the more aggressive moves in bearish positioning seen in RELY recently.
Short interest data is closely monitored by investors as an indicator of market sentiment, with rising figures often reflecting growing skepticism about a company’s near-term prospects.
Remitly Global trades on the NASDAQ exchange under the ticker symbol RELY, and the latest short interest figures will likely attract attention from both retail and institutional investors tracking the stock.