Royal Bank of Canada Cuts Flywire (NASDAQ:FLYW) Price Target to $17.00

Flywire (NASDAQ:FLYW) had its price objective decreased by Royal Bank of Canada from $20.00 to $17.00 in a research note published on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research analysts have also commented on the company. BTIG Research lowered Flywire from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $9.00 target price (down from $16.00) on shares of Flywire in a report on Monday, April 14th. Seaport Res Ptn cut shares of Flywire from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 14th. Raymond James lowered shares of Flywire from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the stock from $29.00 to $17.00 in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group lowered their target price on shares of Flywire from $15.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Flywire currently has an average rating of “Hold” and a consensus target price of $15.62.

Flywire Stock Down 2.1 %

FLYW opened at $10.89 on Wednesday. Flywire has a 52-week low of $8.20 and a 52-week high of $23.40. The stock has a market cap of $1.35 billion, a P/E ratio of 72.60, a PEG ratio of 1.41 and a beta of 1.22. The business has a fifty day moving average of $9.57 and a 200 day moving average of $16.13.

Flywire (NASDAQ:FLYW) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. The company had revenue of $128.70 million during the quarter, compared to analysts’ expectations of $124.18 million. Flywire had a net margin of 4.23% and a return on equity of 2.49%. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) EPS. Equities analysts anticipate that Flywire will post 0.14 EPS for the current fiscal year.

Insider Transactions at Flywire

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

Hedge Funds Weigh In On Flywire

A number of large investors have recently added to or reduced their stakes in FLYW. Raymond James Financial Inc. acquired a new position in shares of Flywire during the 4th quarter worth about $35,579,000. Voss Capital LP purchased a new position in shares of Flywire in the fourth quarter valued at approximately $30,621,000. Federated Hermes Inc. acquired a new stake in shares of Flywire in the first quarter worth approximately $11,733,000. Teacher Retirement System of Texas purchased a new stake in shares of Flywire during the fourth quarter worth approximately $24,363,000. Finally, Jennison Associates LLC lifted its holdings in Flywire by 53.0% in the 4th quarter. Jennison Associates LLC now owns 3,406,312 shares of the company’s stock valued at $70,238,000 after purchasing an additional 1,179,562 shares in the last quarter. 95.90% of the stock is currently owned by institutional investors and hedge funds.

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.