Flywire (NASDAQ:FLYW) Price Target Raised to $23.00

Flywire (NASDAQ:FLYW) had its target price boosted by JPMorgan Chase & Co. from $20.00 to $23.00 in a research report report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on FLYW. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price target on shares of Flywire in a report on Wednesday, August 5th. Seaport Research Partners restated a “buy” rating and set a $22.00 price objective on shares of Flywire in a report on Monday, August 17th. UBS Group increased their target price on Flywire from $19.00 to $21.50 and gave the stock a “neutral” rating in a research report on Wednesday. Weiss Ratings upgraded Flywire from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, September 1st. Finally, Zacks Research cut Flywire from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Flywire has an average rating of “Hold” and a consensus target price of $22.27.

Flywire Price Performance

FLYW traded up $0.31 during trading hours on Wednesday, reaching $21.57. The company’s stock had a trading volume of 2,499,704 shares, compared to its average volume of 1,238,536. The stock has a market cap of $2.62 billion, a PE ratio of 35.95, a P/E/G ratio of 1.24 and a beta of 1.32. Flywire has a fifty-two week low of $10.55 and a fifty-two week high of $22.17. The business’s 50-day moving average is $18.45 and its 200-day moving average is $15.69.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.26. Flywire had a net margin of 4.77% and a return on equity of 4.08%. The firm had revenue of $250.30 million during the quarter, compared to analysts’ expectations of $233.25 million. During the same period in the previous year, the company earned $0.23 earnings per share. Flywire’s quarterly revenue was up 25.1% compared to the same quarter last year. Analysts expect that Flywire will post 0.40 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Voss Capital, Lp sold 44,768 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $18.78, for a total value of $840,743.04. Following the transaction, the insider owned 11,069,321 shares in the company, valued at approximately $207,881,848.38. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mohit Kansal sold 6,053 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $20.90, for a total value of $126,507.70. Following the sale, the insider owned 472,271 shares in the company, valued at approximately $9,870,463.90. This represents a 1.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 653,996 shares of company stock valued at $12,466,115. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flywire

Several hedge funds and other institutional investors have recently made changes to their positions in FLYW. Wellington Management Group LLP increased its position in Flywire by 1.2% in the 2nd quarter. Wellington Management Group LLP now owns 5,340,579 shares of the company’s stock valued at $93,834,000 after acquiring an additional 64,998 shares during the period. Jennison Associates LLC lifted its holdings in shares of Flywire by 19.9% during the first quarter. Jennison Associates LLC now owns 5,298,881 shares of the company’s stock valued at $61,679,000 after acquiring an additional 878,248 shares during the period. Wasatch Advisors LP acquired a new position in Flywire in the second quarter valued at about $44,026,000. Dimensional Fund Advisors LP grew its position in Flywire by 18.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,886,865 shares of the company’s stock worth $21,962,000 after acquiring an additional 295,960 shares during the last quarter. Finally, One Way Holdings LLC increased its stake in shares of Flywire by 7.2% in the third quarter. One Way Holdings LLC now owns 1,131,863 shares of the company’s stock valued at $19,808,000 after buying an additional 76,310 shares in the last quarter. Hedge funds and other institutional investors own 95.90% of the company’s stock.

About Flywire

Flywire Corp. (NASDAQ: FLYW) is a global payments and software company that helps organizations receive and manage payments from customers and clients in multiple countries and currencies. Its platform is designed to simplify complex, cross-border transactions while providing payment tracking, reconciliation and related accounts-receivable capabilities.

The company serves several major verticals, including education, healthcare, travel and business-to-business payments. Its products and services include international and domestic payment processing, digital billing and invoicing, payment plans, embedded payment solutions and tools that help organizations automate reconciliation and improve the payment experience.

Flywire was founded in 2009 as peerTransfer and is headquartered in Boston, Massachusetts.