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Spruce Point Capital Is Betting Against Remitly Global Stock, Short Seller Says Shares Could Fall To $9 Amid 'Tectonic Shift' Across Industry

Spruce Point Capital Management has announced a new short position against Remitly Global Inc RELY as the short seller believes there’s reason to be skeptical of the company’s financial reporting and valuation.

What To Know: Spruce Point targeted Remitly Global in a new bearish research report that provides evidence of doctored reviews and unreliable accounting practices, suggesting the stock is overvalued.

Benzinga contacted Remitly Global for comment on the report, with a representative responding, “Thanks for reaching out. We're aware of the report and are in the process of reviewing its claims. I will be back in touch as soon as possible.”

Spruce Point Capital Is Betting Against Remitly Global Stock, Short Seller Says Shares Could Fall To $9 Amid 'Tectonic Shift' Across Industry

Spruce Point Capital Management has announced a new short position against Remitly Global Inc RELY as the short seller believes there’s reason to be skeptical of the company’s financial reporting and valuation.

What To Know: Spruce Point targeted Remitly Global in a new bearish research report that provides evidence of doctored reviews and unreliable accounting practices, suggesting the stock is overvalued.

Benzinga contacted Remitly Global for comment on the report, with a representative responding, “Thanks for reaching out. We're aware of the report and are in the process of reviewing its claims. I will be back in touch as soon as possible.”

https://www.benzinga.com/trading-ideas/short-ideas/25/03/44258682/spruce-point-capital-is-betting-against-remitly-global-stock-short-seller-says-shares-c