Flywire (NASDAQ:FLYW) Trading 6.5% Higher – Here’s What Happened

Flywire Corporation (NASDAQ:FLYW)’s share price shot up 6.5% during trading on Wednesday . The stock traded as high as $18.73 and last traded at $18.7260. 974,266 shares traded hands during trading, a decline of 50% from the average daily volume of 1,957,802 shares. The stock had previously closed at $17.59.

Analyst Ratings Changes

FLYW has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Flywire to an “outperform” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. upgraded Flywire from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $14.00 to $16.00 in a research note on Thursday, May 21st. Citigroup raised their price objective on Flywire from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. The Goldman Sachs Group lifted their price objective on Flywire from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, UBS Group increased their target price on Flywire from $14.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.29.

Flywire Stock Up 5.4%

The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 80.61, a P/E/G ratio of 1.82 and a beta of 1.32. The stock has a 50 day moving average of $16.36 and a 200 day moving average of $14.02.

Flywire (NASDAQ:FLYW) last released its earnings results on Tuesday, May 5th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.07. The company 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%.Flywire’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) EPS. Analysts predict that Flywire Corporation will post 0.28 earnings per share for the current year.

Insider Transactions at Flywire

In other Flywire news, Director Phillip John Riese sold 37,921 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $16.87, for a total transaction of $639,727.27. Following the completion of the sale, the director owned 234,493 shares in the company, valued at $3,955,896.91. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Massaro sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $15.26, for a total transaction of $763,000.00. Following the completion of the transaction, the chief executive officer owned 2,678,051 shares in the company, valued at approximately $40,867,058.26. The trade was a 1.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 410,391 shares of company stock valued at $6,700,493 over the last quarter. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Flywire

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC acquired a new stake in shares of Flywire in the 3rd quarter worth approximately $1,253,000. Jennison Associates LLC lifted its position in Flywire by 35.2% in the fourth quarter. Jennison Associates LLC now owns 4,420,633 shares of the company’s stock worth $62,596,000 after purchasing an additional 1,150,802 shares during the period. Voss Capital LP boosted its stake in Flywire by 21.5% during the 4th quarter. Voss Capital LP now owns 11,750,000 shares of the company’s stock valued at $166,380,000 after purchasing an additional 2,080,202 shares in the last quarter. AlphaQuest LLC boosted its stake in Flywire by 372.4% during the 4th quarter. AlphaQuest LLC now owns 105,448 shares of the company’s stock valued at $1,493,000 after purchasing an additional 83,128 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of Flywire during the 3rd quarter valued at $1,354,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.

About Flywire

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.