Flywire (NASDAQ:FLYW) Reaches New 1-Year High – Here’s Why

Flywire Corporation (NASDAQ:FLYW) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $18.98 and last traded at $18.8210, with a volume of 130937 shares changing hands. The stock had previously closed at $18.78.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FLYW shares. Zacks Research downgraded shares of Flywire from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. New Street Research set a $16.00 price target on shares of Flywire in a research note on Thursday, May 21st. The Goldman Sachs Group increased their price target on shares of Flywire from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Morgan Stanley raised their price objective on shares of Flywire from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Flywire from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Flywire presently has a consensus rating of “Moderate Buy” and an average target price of $18.29.

Flywire Price Performance

The firm has a market cap of $2.30 billion, a PE ratio of 81.47, a price-to-earnings-growth ratio of 1.80 and a beta of 1.32. The company has a 50 day simple moving average of $16.38 and a 200-day simple moving average of $14.05.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.03 by $0.07. The firm had revenue of $184.00 million for the quarter, compared to the consensus estimate of $170.24 million. Flywire had a net margin of 4.45% and a return on equity of 3.78%. The business’s revenue was up 40.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. On average, sell-side analysts predict that Flywire Corporation will post 0.28 EPS for the current fiscal year.

Insider Activity at Flywire

In related news, insider Mohit Kansal sold 54,543 shares of Flywire stock in a transaction on Monday, June 15th. The shares were sold at an average price of $15.15, for a total value of $826,326.45. Following the transaction, the insider owned 504,320 shares in the company, valued at $7,640,448. This trade represents a 9.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Phillip John Riese sold 37,921 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $16.87, for a total transaction of $639,727.27. Following the completion of the sale, the director directly owned 234,493 shares of the company’s stock, valued at $3,955,896.91. This represents a 13.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 410,391 shares of company stock worth $6,700,493 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Flywire

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP purchased a new stake in Flywire during the 2nd quarter valued at about $44,026,000. Handelsbanken Fonder AB grew its position in Flywire by 26.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 33,400 shares of the company’s stock worth $587,000 after acquiring an additional 6,900 shares during the last quarter. Glenmede Trust Co. NA purchased a new position in Flywire in the 1st quarter worth approximately $137,000. Essential Partners LLC increased its stake in Flywire by 219.1% in the 1st quarter. Essential Partners LLC now owns 2,288 shares of the company’s stock worth $27,000 after purchasing an additional 1,571 shares during the period. Finally, California State Teachers Retirement System lifted its position in Flywire by 42.4% in the first quarter. California State Teachers Retirement System now owns 146,602 shares of the company’s stock valued at $1,706,000 after purchasing an additional 43,651 shares during the last quarter. Institutional investors own 95.90% of the company’s stock.

Flywire Company Profile

Flywire Corp (NASDAQ: FLYW) is a global payments enablement and software company that specializes in facilitating complex cross-border transactions. Its cloud-based platform streamlines receivables and payer workflows across key verticals including education, healthcare, travel and hospitality, and commercial services. Flywire’s technology integrates with institutional systems to automate payment posting, reconciliation and reporting, aiming to improve the payer experience and accelerate cash flow for its clients.

Founded in 2009 by entrepreneur Iker Marcaide as peerTransfer, the company rebranded as Flywire in 2015.