Flywire (NASDAQ:FLYW) Shares Up 4.7% – Here’s What Happened

Flywire Co. (NASDAQ:FLYW)’s stock price shot up 4.7% during mid-day trading on Wednesday . The stock traded as high as $8.94 and last traded at $9.02. 519,789 shares were traded during trading, a decline of 69% from the average session volume of 1,668,630 shares. The stock had previously closed at $8.61.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Raymond James lowered Flywire from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $29.00 to $17.00 in a research note on Wednesday, February 26th. Citigroup reduced their target price on Flywire from $26.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, March 24th. BTIG Research cut shares of Flywire from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 26th. Royal Bank of Canada reduced their target price on Flywire from $25.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Finally, Morgan Stanley cut their target price on Flywire from $21.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Flywire has an average rating of “Hold” and a consensus price target of $17.00.

Flywire Stock Performance

The business’s 50-day moving average is $12.29 and its 200-day moving average is $17.02. The company has a market capitalization of $1.10 billion, a PE ratio of 59.47, a PEG ratio of 1.41 and a beta of 1.22.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, February 25th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $112.80 million during the quarter, compared to analysts’ expectations of $118.85 million. Flywire had a return on equity of 2.49% and a net margin of 4.23%. Analysts expect that Flywire Co. will post 0.14 EPS for the current year.

Insider Buying and Selling at Flywire

In related news, Director Gretchen Howard purchased 8,889 shares of Flywire stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the transaction, the director now directly owns 30,770 shares in the company, valued at $336,623.80. This represents a 40.62 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Peter Butterfield sold 5,523 shares of Flywire stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $10.08, for a total value of $55,671.84. Following the transaction, the general counsel now directly owns 247,561 shares in the company, valued at approximately $2,495,414.88. The trade was a 2.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Flywire

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Flywire by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 12,087,221 shares of the company’s stock valued at $249,238,000 after purchasing an additional 781,711 shares during the period. Jennison Associates LLC increased its stake in Flywire by 53.0% in the 4th quarter. Jennison Associates LLC now owns 3,406,312 shares of the company’s stock worth $70,238,000 after buying an additional 1,179,562 shares in the last quarter. State Street Corp raised its holdings in Flywire by 5.2% during the third quarter. State Street Corp now owns 2,930,906 shares of the company’s stock valued at $48,038,000 after acquiring an additional 145,894 shares during the period. Geode Capital Management LLC lifted its position in shares of Flywire by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,828,430 shares of the company’s stock valued at $58,335,000 after acquiring an additional 28,944 shares in the last quarter. Finally, Wasatch Advisors LP boosted its stake in shares of Flywire by 62.1% in the fourth quarter. Wasatch Advisors LP now owns 2,741,644 shares of the company’s stock worth $56,533,000 after acquiring an additional 1,049,888 shares during the period. Institutional investors own 95.90% of the company’s stock.

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.