Flywire Co. (NASDAQ:FLYW – Get Rating)’s stock price fell 7% on Friday after Truist Financial lowered their price target on the stock from $36.00 to $32.00. Truist Financial currently has a buy rating on the stock. Flywire traded as low as $19.40 and last traded at $19.58. 28,302 shares traded hands during trading, a decline of 97% from the average session volume of 1,097,120 shares. The stock had previously closed at $21.06.
FLYW has been the subject of several other research reports. Wells Fargo & Company raised their target price on shares of Flywire from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, September 8th. The Goldman Sachs Group raised their target price on shares of Flywire to $32.00 in a research note on Monday, August 15th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $36.25.
Insider Transactions at Flywire
In other news, major shareholder Bain Capital Venture Investors sold 1,653,986 shares of Flywire stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $25.35, for a total transaction of $41,928,545.10. Following the completion of the sale, the insider now directly owns 13,645,388 shares in the company, valued at $345,910,585.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Michael Massaro sold 4,830 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $24.12, for a total value of $116,499.60. Following the sale, the chief executive officer now directly owns 1,110,030 shares of the company’s stock, valued at $26,773,923.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bain Capital Venture Investors sold 1,653,986 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $25.35, for a total transaction of $41,928,545.10. Following the completion of the sale, the insider now directly owns 13,645,388 shares in the company, valued at $345,910,585.80. The disclosure for this sale can be found here. Insiders sold a total of 2,619,453 shares of company stock worth $67,392,678 over the last ninety days. 37.50% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Flywire
Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC grew its stake in Flywire by 226.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,090 shares of the company’s stock worth $37,000 after buying an additional 1,450 shares during the period. FourThought Financial LLC boosted its stake in shares of Flywire by 123.3% in the first quarter. FourThought Financial LLC now owns 2,563 shares of the company’s stock valued at $78,000 after purchasing an additional 1,415 shares during the period. UBS Group AG boosted its stake in shares of Flywire by 433.1% in the first quarter. UBS Group AG now owns 3,300 shares of the company’s stock valued at $101,000 after purchasing an additional 2,681 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Flywire in the second quarter valued at $79,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Flywire in the first quarter valued at $231,000. 73.30% of the stock is currently owned by hedge funds and other institutional investors.
Flywire Stock Down 6.2 %
The firm has a market capitalization of $2.14 billion, a PE ratio of -56.11 and a beta of 1.54. The firm’s 50 day moving average price is $24.56 and its two-hundred day moving average price is $23.62. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.06.
Flywire (NASDAQ:FLYW – Get Rating) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The company had revenue of $56.40 million during the quarter, compared to analyst estimates of $47.61 million. Flywire had a negative net margin of 14.98% and a negative return on equity of 7.37%. The company’s revenue was up 52.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) earnings per share. As a group, research analysts forecast that Flywire Co. will post -0.26 EPS for the current fiscal year.
About Flywire
Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Canada, and the United Kingdom, and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay.