Flywire (NASDAQ:FLYW) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Flywire (NASDAQ:FLYW) from an overweight rating to an equal weight rating in a report issued on Friday, MarketBeat.com reports. The firm currently has $18.00 price target on the stock, down from their prior price target of $20.00.

A number of other research analysts also recently commented on FLYW. B. Riley reissued a buy rating and issued a $30.00 price target on shares of Flywire in a report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their price target on Flywire from $18.00 to $21.00 and gave the company a neutral rating in a report on Tuesday, August 20th. Citigroup reduced their price target on Flywire from $27.00 to $25.00 and set a buy rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reduced their price target on Flywire from $34.00 to $25.00 and set an outperform rating for the company in a report on Wednesday, August 7th. Finally, BTIG Research reduced their price target on Flywire from $27.00 to $26.00 and set a buy rating for the company in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flywire currently has an average rating of Moderate Buy and an average price target of $26.07.

Flywire Price Performance

Shares of NASDAQ:FLYW opened at $16.47 on Friday. Flywire has a 12 month low of $15.19 and a 12 month high of $31.54. The firm has a market capitalization of $2.05 billion, a PE ratio of -149.73, a P/E/G ratio of 6.94 and a beta of 0.97. The business has a 50-day moving average of $17.18 and a two-hundred day moving average of $18.05.

Flywire (NASDAQ:FLYW) last posted its 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). Flywire had a negative net margin of 1.85% and a negative return on equity of 1.03%. The company had revenue of $103.68 million during the quarter, compared to analyst estimates of $100.30 million. During the same quarter last year, the business posted ($0.15) EPS. Flywire’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, research analysts anticipate that Flywire will post 0.05 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David R. King sold 3,353 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $60,488.12. Following the sale, the chief technology officer now owns 620,184 shares of the company’s stock, valued at approximately $11,188,119.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO David R. King sold 3,504 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $17.31, for a total value of $60,654.24. Following the sale, the chief technology officer now directly owns 616,680 shares in the company, valued at $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 is available through this hyperlink. Also, CTO David R. King sold 3,353 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $60,488.12. Following the completion of the sale, the chief technology officer now owns 620,184 shares in the company, valued at approximately $11,188,119.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,966 shares of company stock valued at $480,143. Insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Flywire

Several hedge funds have recently modified their holdings of the company. Creative Planning increased its position in shares of Flywire by 36.5% during the 3rd quarter. Creative Planning now owns 29,685 shares of the company’s stock valued at $487,000 after purchasing an additional 7,940 shares during the period. Handelsbanken Fonder AB increased its position in shares of Flywire by 26.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 26,300 shares of the company’s stock valued at $431,000 after purchasing an additional 5,500 shares during the period. SG Americas Securities LLC acquired a new position in shares of Flywire during the 3rd quarter valued at $149,000. Truist Financial Corp increased its position in shares of Flywire by 6.2% during the 2nd quarter. Truist Financial Corp now owns 19,434 shares of the company’s stock valued at $319,000 after purchasing an additional 1,128 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Flywire during the 2nd quarter valued at $12,642,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.

Flywire Company Profile

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.