Summit Global Investments Takes $440,000 Position in Flywire Co. (NASDAQ:FLYW)

Summit Global Investments bought a new position in shares of Flywire Co. (NASDAQ:FLYW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,355 shares of the company’s stock, valued at approximately $440,000.

Other large investors have also bought and sold shares of the company. Global Retirement Partners LLC bought a new position in shares of Flywire during the 4th quarter worth about $30,000. Arcadia Investment Management Corp MI acquired a new position in Flywire during the 4th quarter worth approximately $48,000. Advisors Asset Management Inc. boosted its holdings in Flywire by 15.4% in the third quarter. Advisors Asset Management Inc. now owns 4,046 shares of the company’s stock worth $66,000 after acquiring an additional 539 shares in the last quarter. KBC Group NV grew its stake in Flywire by 64.0% in the fourth quarter. KBC Group NV now owns 4,899 shares of the company’s stock valued at $101,000 after acquiring an additional 1,911 shares during the period. Finally, Venturi Wealth Management LLC bought a new stake in shares of Flywire during the fourth quarter valued at approximately $104,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on FLYW shares. 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 cut shares of Flywire from a “buy” rating to a “neutral” rating in a report on Wednesday, February 26th. Stephens cut shares of Flywire from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $26.00 to $15.00 in a research report on Wednesday, February 26th. UBS Group downgraded Flywire from a “buy” rating to a “neutral” rating and cut their price target for the company from $25.00 to $15.00 in a research note on Wednesday, February 26th. Finally, Citigroup lowered their price objective on Flywire from $26.00 to $13.00 and set a “buy” rating for the company in a research note on Monday. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.23.

Insider Activity at Flywire

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

Flywire Price Performance

Shares of Flywire stock opened at $10.06 on Tuesday. The stock has a fifty day moving average price of $16.00 and a 200-day moving average price of $18.02. The firm has a market cap of $1.24 billion, a PE ratio of 67.07, a P/E/G ratio of 1.41 and a beta of 1.17. Flywire Co. has a 1 year low of $8.62 and a 1 year high of $25.27.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Flywire had a return on equity of 2.49% and a net margin of 4.23%. The company had revenue of $112.80 million during the quarter, compared to the consensus estimate of $118.85 million. As a group, equities analysts anticipate that Flywire Co. will post 0.14 EPS for the current fiscal 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.