Jennison Associates LLC Acquires 878,248 Shares of Flywire Corporation $FLYW

Jennison Associates LLC increased its holdings in Flywire Corporation (NASDAQ:FLYW) by 19.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 5,298,881 shares of the company’s stock after buying an additional 878,248 shares during the quarter. Jennison Associates LLC’s holdings in Flywire were worth $61,679,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in Flywire during the fourth quarter valued at approximately $32,000. Leonteq Securities AG raised its holdings in shares of Flywire by 267.6% in the 1st quarter. Leonteq Securities AG now owns 3,540 shares of the company’s stock worth $41,000 after buying an additional 2,577 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Flywire by 78.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 5,681 shares of the company’s stock worth $66,000 after buying an additional 2,497 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Flywire during the 1st quarter worth approximately $92,000. Finally, Royal Bank of Canada boosted its stake in Flywire by 13.6% in the 4th quarter. Royal Bank of Canada now owns 9,025 shares of the company’s stock valued at $128,000 after buying an additional 1,081 shares in the last quarter. Institutional investors own 95.90% of the company’s stock.

Flywire Stock Performance

Flywire stock opened at $18.13 on Monday. The firm has a market cap of $2.24 billion, a P/E ratio of 78.83, a P/E/G ratio of 1.85 and a beta of 1.32. The business’s fifty day moving average is $16.42 and its two-hundred day moving average is $14.11. Flywire Corporation has a 52 week low of $10.10 and a 52 week high of $18.98.

Flywire (NASDAQ:FLYW) last announced its 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. Flywire had a return on equity of 3.78% and a net margin of 4.45%.The company had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $170.24 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The business’s revenue for the quarter was up 40.9% on a year-over-year basis. On average, equities research analysts predict that Flywire Corporation will post 0.28 earnings per share for the current year.

Analyst Ratings Changes

FLYW has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price target on Flywire from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Zacks Research cut Flywire from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Truist Financial boosted their target price on shares of Flywire from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. raised shares of Flywire from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $16.00 in a report on Thursday, May 21st. Finally, BTIG Research increased their target price on shares of Flywire from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Flywire currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.77.

Insider Activity

In other Flywire news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.43, for a total transaction of $77,150.00. Following the sale, the director owned 234,493 shares of the company’s stock, valued at $3,618,226.99. This represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mohit Kansal sold 3,650 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $16.96, for a total transaction of $61,904.00. Following the completion of the sale, the insider owned 500,670 shares of the company’s stock, valued at $8,491,363.20. The trade was a 0.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 410,391 shares of company stock worth $6,700,493. 5.00% of the stock is currently owned by insiders.

Flywire 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.