Flywire (NASDAQ:FLYW) Trading 5.2% Higher – Here’s Why

Flywire Corporation (NASDAQ:FLYW)’s share price traded up 5.2% during trading on Tuesday . The stock traded as high as $16.26 and last traded at $16.1060. 631,585 shares were traded during trading, a decline of 66% from the average session volume of 1,864,858 shares. The stock had previously closed at $15.31.

Wall Street Analysts Forecast Growth

FLYW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upgraded Flywire from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $16.00 in a research report on Thursday, May 21st. Truist Financial increased their price target on Flywire from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Zacks Research upgraded Flywire from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 20th. Citigroup increased their price target on Flywire from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, New Street Research set a $16.00 price target on Flywire in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.07.

Flywire Stock Up 3.8%

The firm has a market cap of $1.96 billion, a PE ratio of 69.00, a P/E/G ratio of 1.01 and a beta of 1.34. The firm has a 50-day moving average price of $14.56 and a two-hundred day moving average price of $13.57.

Flywire (NASDAQ:FLYW) last released its earnings results on Tuesday, May 5th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.07. The business had revenue of $184.00 million for the quarter, compared to the consensus estimate of $170.24 million. Flywire had a return on equity of 3.78% and a net margin of 4.45%.The business’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.03) earnings per share. Research analysts forecast that Flywire Corporation will post 0.42 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Peter Butterfield sold 6,188 shares of Flywire stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $14.40, for a total transaction of $89,107.20. Following the transaction, the general counsel owned 658,680 shares in the company, valued at approximately $9,484,992. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Rob Orgel sold 178,980 shares of Flywire stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $17.00, for a total value of $3,042,660.00. Following the transaction, the chief operating officer owned 959,061 shares in the company, valued at approximately $16,304,037. The trade was a 15.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 295,670 shares of company stock valued at $4,950,820 in the last 90 days. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Flywire

A number of institutional investors have recently added to or reduced their stakes in FLYW. Mangrove Partners IM LLC purchased a new position in Flywire during the third quarter worth approximately $39,289,000. Wellington Management Group LLP lifted its position in Flywire by 173.3% during the third quarter. Wellington Management Group LLP now owns 3,358,186 shares of the company’s stock worth $45,470,000 after buying an additional 2,129,514 shares in the last quarter. Voss Capital LP lifted its position in Flywire by 21.5% during the fourth quarter. Voss Capital LP now owns 11,750,000 shares of the company’s stock worth $166,380,000 after buying an additional 2,080,202 shares in the last quarter. Jennison Associates LLC lifted its position in Flywire by 35.2% during the fourth quarter. Jennison Associates LLC now owns 4,420,633 shares of the company’s stock worth $62,596,000 after buying an additional 1,150,802 shares in the last quarter. Finally, Cooper Creek Partners Management LLC acquired a new stake in Flywire during the third quarter worth $15,433,000. Hedge funds and other institutional investors own 95.90% of the company’s stock.

Flywire Company Profile

Flywire Corp (NASDAQ: FLYW) is a global payments enablement and software company that specializes in facilitating complex cross-border transactions. Its cloud-based platform streamlines receivables and payer workflows across key verticals including education, healthcare, travel and hospitality, and commercial services. Flywire’s technology integrates with institutional systems to automate payment posting, reconciliation and reporting, aiming to improve the payer experience and accelerate cash flow for its clients.

Founded in 2009 by entrepreneur Iker Marcaide as peerTransfer, the company rebranded as Flywire in 2015.