Wells Fargo & Company Cuts Flywire (NASDAQ:FLYW) Price Target to $30.00

Flywire (NASDAQ:FLYW) had its price objective cut by Wells Fargo & Company from $35.00 to $30.00 in a report issued on Monday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently weighed in on FLYW. Oppenheimer initiated coverage on shares of Flywire in a research note on Tuesday, January 23rd. They issued an outperform rating and a $25.00 price objective for the company. Morgan Stanley downgraded Flywire from an overweight rating to an equal weight rating and raised their price target for the company from $27.00 to $30.00 in a research report on Friday, March 1st. Citigroup cut their price objective on Flywire from $37.00 to $36.00 and set a buy rating for the company in a research report on Thursday, April 4th. The Goldman Sachs Group raised their target price on Flywire from $29.00 to $34.00 and gave the company a buy rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upped their price target on Flywire from $29.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $31.60.

Flywire Trading Up 2.6 %

FLYW stock opened at $17.68 on Monday. The firm has a market cap of $2.17 billion, a PE ratio of -196.42, a PEG ratio of 11.18 and a beta of 1.09. Flywire has a 1 year low of $15.77 and a 1 year high of $35.80. The company has a fifty day simple moving average of $23.15 and a 200 day simple moving average of $23.10.

Flywire (NASDAQ:FLYW) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Flywire had a negative return on equity of 1.35% and a negative net margin of 2.13%. The company had revenue of $114.10 million for the quarter, compared to the consensus estimate of $107.81 million. During the same quarter last year, the company posted ($0.03) EPS. The business’s revenue was up 20.9% compared to the same quarter last year. As a group, analysts forecast that Flywire will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Massaro sold 13,043 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total value of $313,945.01. Following the sale, the chief executive officer now directly owns 1,655,673 shares in the company, valued at approximately $39,852,049.11. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Flywire news, CTO David R. King sold 9,366 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $27.30, for a total value of $255,691.80. Following the transaction, the chief technology officer now directly owns 621,568 shares in the company, valued at $16,968,806.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael Massaro sold 13,043 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total transaction of $313,945.01. Following the sale, the chief executive officer now directly owns 1,655,673 shares in the company, valued at $39,852,049.11. The disclosure for this sale can be found here. Insiders sold 141,800 shares of company stock valued at $3,743,582 over the last quarter. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank raised its position in Flywire by 3.3% in the 4th quarter. Amalgamated Bank now owns 15,267 shares of the company’s stock valued at $353,000 after purchasing an additional 486 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of Flywire by 2.7% in the third quarter. Primecap Management Co. CA now owns 19,100 shares of the company’s stock valued at $609,000 after buying an additional 500 shares during the last quarter. Arizona State Retirement System lifted its position in Flywire by 2.1% during the 3rd quarter. Arizona State Retirement System now owns 24,802 shares of the company’s stock worth $791,000 after buying an additional 501 shares in the last quarter. RiverPark Advisors LLC grew its holdings in Flywire by 22.6% during the 4th quarter. RiverPark Advisors LLC now owns 3,195 shares of the company’s stock worth $74,000 after acquiring an additional 589 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Flywire by 3.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 19,884 shares of the company’s stock valued at $493,000 after acquiring an additional 702 shares in the last quarter. 95.90% of the stock is owned by institutional investors and hedge funds.

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.