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

Flywire (NASDAQ:FLYW) had its price objective boosted by Citigroup from $19.00 to $23.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts also recently issued reports on FLYW. BTIG Research raised their price target on Flywire from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group upped their price objective on Flywire from $19.00 to $21.50 and gave the stock a “neutral” rating in a research note on Wednesday. Stephens started coverage on Flywire in a research note on Friday, October 16th. They set an “equal weight” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Flywire from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Truist Financial raised their target price on Flywire from $17.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.27.

Flywire Price Performance

FLYW stock opened at $21.57 on Thursday. Flywire has a 1-year low of $10.55 and a 1-year high of $22.17. The firm has a fifty day moving average price of $18.45 and a two-hundred day moving average price of $15.69. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 35.95, a PEG ratio of 1.37 and a beta of 1.32.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, November 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.26. Flywire had a net margin of 10.34% and a return on equity of 9.25%. The firm had revenue of $250.30 million for the quarter, compared to analysts’ expectations of $233.25 million. During the same quarter last year, the company posted $0.23 earnings per share. Flywire’s revenue was up 25.1% on a year-over-year basis. As a group, analysts expect that Flywire will post 0.40 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Voss Capital, Lp sold 172,973 shares of Flywire stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $19.19, for a total transaction of $3,319,351.87. Following the sale, the insider directly owned 369,168 shares in the company, valued at $7,084,333.92. The trade was a 31.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David R. King sold 55,325 shares of Flywire stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $20.05, for a total transaction of $1,109,266.25. Following the sale, the insider owned 147,079 shares in the company, valued at approximately $2,948,933.95. This represents a 27.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 worth $12,466,115. 5.00% of the stock is owned by company insiders.

Institutional Trading of Flywire

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of Flywire by 1.2% in the second 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 in the last quarter. Jennison Associates LLC raised its holdings in Flywire by 19.9% during the first quarter. Jennison Associates LLC now owns 5,298,881 shares of the company’s stock worth $61,679,000 after purchasing an additional 878,248 shares in the last quarter. Wasatch Advisors LP acquired a new stake in Flywire in the second quarter worth approximately $44,026,000. Dimensional Fund Advisors LP lifted its position in Flywire by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,886,865 shares of the company’s stock worth $21,962,000 after purchasing an additional 295,960 shares during the period. Finally, One Way Holdings LLC boosted its stake in Flywire by 7.2% during the 3rd quarter. One Way Holdings LLC now owns 1,131,863 shares of the company’s stock valued at $19,808,000 after purchasing an additional 76,310 shares in the last quarter. 95.90% of the stock is currently owned by institutional investors.

Flywire Company Profile

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.