Truist Financial Corp Increases Stake in Flywire Co. (NASDAQ:FLYW)

Truist Financial Corp grew its holdings in Flywire Co. (NASDAQ:FLYW) by 6.2% in the second quarter, Holdings Channel reports. The firm owned 19,434 shares of the company’s stock after buying an additional 1,128 shares during the quarter. Truist Financial Corp’s holdings in Flywire were worth $319,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Flywire by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,761,286 shares of the company’s stock valued at $249,124,000 after acquiring an additional 243,523 shares during the period. Lisanti Capital Growth LLC purchased a new stake in shares of Flywire in the first quarter worth $4,274,000. Comerica Bank raised its position in shares of Flywire by 14.8% during the 1st quarter. Comerica Bank now owns 697,799 shares of the company’s stock valued at $17,312,000 after purchasing an additional 90,003 shares during the period. Harbor Capital Advisors Inc. lifted its stake in shares of Flywire by 139.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 118,908 shares of the company’s stock valued at $1,949,000 after buying an additional 69,304 shares in the last quarter. Finally, Ensign Peak Advisors Inc bought a new position in Flywire in the 2nd quarter worth $734,000. 95.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FLYW. JPMorgan Chase & Co. increased their target price on Flywire from $18.00 to $21.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Citigroup reduced their price objective on shares of Flywire from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wells Fargo & Company lowered shares of Flywire from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $20.00 to $18.00 in a research report on Friday, October 11th. BTIG Research reduced their price target on shares of Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada decreased their price target on shares of Flywire from $34.00 to $25.00 and set an “outperform” 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.07.

Insiders Place Their Bets

In other Flywire news, COO Rob Orgel sold 3,824 shares of Flywire stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $17.31, for a total value of $66,193.44. Following the transaction, the chief operating officer now owns 473,648 shares in the company, valued at $8,198,846.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Rob Orgel sold 3,824 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $17.31, for a total transaction of $66,193.44. Following the completion of the sale, the chief operating officer now owns 473,648 shares in the company, valued at approximately $8,198,846.88. This 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. Also, General Counsel Peter Butterfield sold 1,769 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $31,912.76. Following the transaction, the general counsel now owns 273,517 shares in the company, valued at approximately $4,934,246.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,966 shares of company stock worth $480,143 over the last 90 days. Company insiders own 3.90% of the company’s stock.

Flywire Trading Up 2.5 %

Shares of Flywire stock opened at $17.48 on Friday. The stock’s fifty day moving average price is $17.10 and its 200-day moving average price is $17.93. The firm has a market cap of $2.17 billion, a P/E ratio of -158.91, a P/E/G ratio of 6.94 and a beta of 0.97. Flywire Co. has a 12 month low of $15.19 and a 12 month high of $31.54.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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 business had revenue of $103.68 million during the quarter, compared to the consensus estimate of $100.30 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. Analysts forecast that Flywire Co. will post 0.05 earnings per share for the current year.

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.