Royal Bank of Canada Lowers Flywire (NASDAQ:FLYW) Price Target to $20.00

Flywire (NASDAQ:FLYW) had its price objective reduced by equities research analysts at Royal Bank of Canada from $25.00 to $20.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 94.08% from the company’s previous close.

Several other equities research analysts have also commented on the company. The Goldman Sachs Group lowered Flywire from a “buy” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered Flywire from a “buy” rating to a “hold” rating and decreased their target price for the company from $26.00 to $16.00 in a research report on Wednesday. UBS Group lowered shares of Flywire from a “buy” rating to a “neutral” rating and dropped their target price for the company from $25.00 to $15.00 in a research report on Wednesday. Wells Fargo & Company decreased their target price on Flywire from $20.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, BTIG Research downgraded shares of Flywire from a “buy” rating to a “neutral” rating in a research note on Wednesday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.64.

Flywire Stock Down 41.6 %

Shares of Flywire stock traded down $7.34 during trading on Wednesday, hitting $10.31. 15,383,618 shares of the stock traded hands, compared to its average volume of 1,828,176. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 68.87, a PEG ratio of 1.41 and a beta of 1.08. The firm’s fifty day moving average is $19.59 and its 200-day moving average is $18.98. Flywire has a 52 week low of $8.62 and a 52 week high of $31.54.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). The firm had revenue of $112.80 million for the quarter, compared to analysts’ expectations of $118.85 million. Flywire had a net margin of 4.23% and a return on equity of 2.49%. On average, analysts forecast that Flywire will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flywire

Hedge funds have recently added to or reduced their stakes in the business. Creative Planning grew its stake in shares of Flywire by 36.5% in the third quarter. Creative Planning now owns 29,685 shares of the company’s stock valued at $487,000 after buying an additional 7,940 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Flywire in the 3rd quarter valued at about $4,843,000. Harbor Capital Advisors Inc. increased its holdings in Flywire by 87.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 223,244 shares of the company’s stock worth $3,659,000 after purchasing an additional 104,336 shares in the last quarter. Olympiad Research LP bought a new stake in shares of Flywire during the third quarter worth approximately $206,000. Finally, Curi RMB Capital LLC bought a new stake in shares of Flywire in the third quarter valued at approximately $1,143,000. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

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.