Citigroup Cuts Flywire (NASDAQ:FLYW) Price Target to $13.00

Flywire (NASDAQ:FLYW) had its price target lowered by stock analysts at Citigroup from $26.00 to $13.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 24.40% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. UBS Group downgraded Flywire from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $25.00 to $15.00 in a research note on Wednesday, February 26th. Wells Fargo & Company reduced their price target on shares of Flywire from $20.00 to $16.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. BTIG Research downgraded shares of Flywire from a “buy” rating to a “neutral” rating in a report on Wednesday, February 26th. Stephens downgraded shares of Flywire from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $26.00 to $15.00 in a research report on Wednesday, February 26th. Finally, Morgan Stanley cut their price target on Flywire from $21.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.23.

Flywire Stock Performance

Shares of FLYW traded up $0.49 during trading hours on Monday, hitting $10.45. The company had a trading volume of 3,957,590 shares, compared to its average volume of 1,553,629. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 69.67, a P/E/G ratio of 1.41 and a beta of 1.17. The firm has a fifty day moving average price of $16.18 and a 200-day moving average price of $18.07. Flywire has a 52-week low of $8.62 and a 52-week high of $25.27.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The business 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%. Research analysts anticipate that Flywire will post 0.14 earnings per share for the current fiscal year.

Insider Activity at Flywire

In other news, Director Gretchen Howard acquired 8,889 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $10.94 per share, with a total value of $97,245.66. Following the completion of the purchase, the director now directly owns 30,770 shares of the company’s stock, valued at $336,623.80. This represents a 40.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Peter Butterfield sold 5,523 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $10.08, for a total transaction of $55,671.84. Following the completion of the sale, the general counsel now directly owns 247,561 shares in the company, valued at approximately $2,495,414.88. This represents a 2.18 % decrease in their position. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Flywire

A number of large investors have recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in Flywire in the fourth quarter worth about $30,000. Arcadia Investment Management Corp MI bought a new stake in shares of Flywire during the 4th quarter worth approximately $48,000. Advisors Asset Management Inc. boosted its holdings in Flywire by 15.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,046 shares of the company’s stock valued at $66,000 after acquiring an additional 539 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Flywire in the 4th quarter valued at $77,000. Finally, KBC Group NV increased its stake in Flywire by 64.0% in the fourth quarter. KBC Group NV now owns 4,899 shares of the company’s stock worth $101,000 after purchasing an additional 1,911 shares during the period. 95.90% of the stock is 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.