Flywire (NASDAQ:FLYW) Hits New 12-Month Low Following Weak Earnings

Flywire Co. (NASDAQ:FLYW) reached a new 52-week low on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $17.50 and last traded at $17.50, with a volume of 1618 shares trading hands. The stock had previously closed at $20.54.

The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The business had revenue of $114.10 million during the quarter, compared to analyst estimates of $107.81 million. Flywire had a negative net margin of 2.13% and a negative return on equity of 1.35%. Flywire’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLYW. William Blair reiterated an “outperform” rating on shares of Flywire in a research note on Wednesday. Oppenheimer began coverage on shares of Flywire in a research note on Tuesday, January 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Royal Bank of Canada boosted their target price on shares of Flywire from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on Flywire from $29.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Flywire in a research note on Tuesday, February 6th. They issued a “buy” rating and a $27.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.07.

Insider Activity at Flywire

In related news, CTO David R. King sold 9,366 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $27.30, for a total transaction of $255,691.80. Following the completion of the sale, the chief technology officer now directly owns 621,568 shares in the company, valued at approximately $16,968,806.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Rob Orgel sold 17,150 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $27.30, for a total transaction of $468,195.00. Following the transaction, the chief operating officer now directly owns 468,285 shares of the company’s stock, valued at $12,784,180.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO David R. King sold 9,366 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $27.30, for a total value of $255,691.80. Following the completion of the sale, the chief technology officer now directly owns 621,568 shares of the company’s stock, valued at approximately $16,968,806.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,800 shares of company stock valued at $3,743,582. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Flywire

Several institutional investors and hedge funds have recently modified their holdings of FLYW. Vanguard Group Inc. lifted its holdings in Flywire by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 10,761,286 shares of the company’s stock worth $249,124,000 after buying an additional 243,523 shares during the period. Westfield Capital Management Co. LP lifted its stake in shares of Flywire by 24.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 4,386,731 shares of the company’s stock valued at $101,553,000 after purchasing an additional 872,619 shares during the period. Eventide Asset Management LLC boosted its position in shares of Flywire by 3.2% during the fourth quarter. Eventide Asset Management LLC now owns 4,203,264 shares of the company’s stock valued at $97,306,000 after purchasing an additional 131,996 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of Flywire by 3.2% during the third quarter. Fred Alger Management LLC now owns 3,479,847 shares of the company’s stock valued at $110,972,000 after purchasing an additional 108,749 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Flywire in the third quarter worth $100,341,000. 95.90% of the stock is owned by hedge funds and other institutional investors.

Flywire Stock Down 18.0 %

The firm has a market cap of $2.07 billion, a P/E ratio of -228.20, a P/E/G ratio of 11.18 and a beta of 1.09. The business has a fifty day simple moving average of $23.59 and a 200-day simple moving average of $23.17.

About Flywire

Flywire Corporation, together with its subsidiaries, operates as a payments enablement and software company in the United States and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay. The company's platform facilitates payment flows across multiple currencies, payment types, and payment options, as well as provides direct connections to alternative payment methods, such as Alipay, Boleto, PayPal/Venmo, and Trustly.