The Manufacturers Life Insurance Company Raises Stock Position in Flywire Co. (NASDAQ:FLYW)

The Manufacturers Life Insurance Company lifted its position in Flywire Co. (NASDAQ:FLYW) by 13.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 68,428 shares of the company’s stock after buying an additional 8,034 shares during the period. The Manufacturers Life Insurance Company’s holdings in Flywire were worth $1,122,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. grew its position in shares of Flywire by 3.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 19,884 shares of the company’s stock worth $493,000 after buying an additional 702 shares during the last quarter. Arizona State Retirement System increased its stake in Flywire by 3.1% during the 2nd quarter. Arizona State Retirement System now owns 30,475 shares of the company’s stock valued at $499,000 after purchasing an additional 908 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Flywire by 45.6% in the first quarter. Advisors Asset Management Inc. now owns 3,044 shares of the company’s stock worth $76,000 after buying an additional 954 shares during the last quarter. Ascent Group LLC lifted its stake in shares of Flywire by 10.1% during the first quarter. Ascent Group LLC now owns 14,165 shares of the company’s stock worth $351,000 after buying an additional 1,300 shares during the period. Finally, RiverPark Advisors LLC grew its holdings in shares of Flywire by 9.6% during the second quarter. RiverPark Advisors LLC now owns 16,142 shares of the company’s stock valued at $265,000 after buying an additional 1,416 shares during the last quarter. Hedge funds and other institutional investors own 95.90% of the company’s stock.

Flywire Price Performance

FLYW stock opened at $16.49 on Friday. Flywire Co. has a 52-week low of $15.19 and a 52-week high of $31.54. The firm has a market cap of $2.05 billion, a P/E ratio of -149.91, a PEG ratio of 6.94 and a beta of 0.97. The company’s 50-day simple moving average is $17.21 and its 200-day simple moving average is $18.15.

Flywire (NASDAQ:FLYW) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The business had revenue of $103.68 million for the quarter, compared to analysts’ expectations of $100.30 million. Flywire had a negative return on equity of 1.03% and a negative net margin of 1.85%. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.15) EPS. On average, analysts anticipate that Flywire Co. will post 0.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on FLYW shares. B. Riley reaffirmed a “buy” rating and set a $30.00 price target on shares of Flywire in a research report on Wednesday, October 2nd. Wells Fargo & Company downgraded Flywire from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $20.00 to $18.00 in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of Flywire from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Citigroup decreased their price objective on shares of Flywire from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, BTIG Research cut their price objective on shares of Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.07.

Insider Activity at Flywire

In related news, COO Rob Orgel sold 4,552 shares of Flywire stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $82,118.08. Following the sale, the chief operating officer now owns 477,472 shares of the company’s stock, valued at approximately $8,613,594.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO David R. King sold 3,504 shares of Flywire stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $17.31, for a total value of $60,654.24. Following the sale, the chief technology officer now owns 616,680 shares of the company’s stock, valued at approximately $10,674,730.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rob Orgel sold 4,552 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $82,118.08. Following the completion of the transaction, the chief operating officer now owns 477,472 shares in the company, valued at $8,613,594.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,966 shares of company stock valued at $480,143. 3.90% of the stock is owned by company insiders.

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.