Flywire (NASDAQ:FLYW) Stock Price Up 5% – Here’s Why

Flywire Corporation (NASDAQ:FLYW)’s stock price shot up 5% during mid-day trading on Friday. The stock traded as high as $22.50 and last traded at $22.54. 1,235,333 shares changed hands during trading, a decline of 34% from the average daily volume of 1,879,610 shares. The stock had previously closed at $21.47.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FLYW shares. Wolfe Research lifted their price objective on Flywire from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. BTIG Research upped their target price on Flywire from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, November 4th. Seaport Research Partners reaffirmed a “buy” rating and issued a $22.00 price target on shares of Flywire in a report on Monday, August 17th. Truist Financial lifted their price target on Flywire from $19.00 to $23.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, UBS Group lifted their price target on Flywire from $19.00 to $21.50 and gave the company a “neutral” rating in a research report on Wednesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.58.

Flywire Trading Up 3.7%

The stock’s fifty day moving average price is $18.79 and its 200 day moving average price is $15.91. The stock has a market cap of $2.73 billion, a P/E ratio of 37.10, a price-to-earnings-growth ratio of 0.91 and a beta of 1.32.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 EPS. The business’s quarterly revenue was up 25.1% on a year-over-year basis. On average, analysts anticipate that Flywire Corporation will post 0.64 earnings per share for the current year.

Insider Activity

In other news, insider Mohit Kansal sold 6,053 shares of the company’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $20.90, for a total value of $126,507.70. Following the completion of the transaction, the insider directly owned 472,271 shares in the company, valued at approximately $9,870,463.90. This represents a 1.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David King sold 55,325 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $20.05, for a total value of $1,109,266.25. Following the transaction, the insider owned 147,079 shares in the company, valued at $2,948,933.95. This trade represents a 27.33% 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. Over the last 90 days, insiders have sold 778,996 shares of company stock valued at $15,192,365. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in shares of Flywire by 1.2% in the 2nd quarter. Wellington Management Group LLP now owns 5,340,579 shares of the company’s stock worth $93,834,000 after acquiring an additional 64,998 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Flywire by 19.9% during the 1st quarter. Jennison Associates LLC now owns 5,298,881 shares of the company’s stock valued at $61,679,000 after purchasing an additional 878,248 shares during the last quarter. Wasatch Advisors LP bought a new position in shares of Flywire during the 2nd quarter valued at $44,026,000. Dimensional Fund Advisors LP grew its holdings in shares of Flywire by 18.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,886,865 shares of the company’s stock valued at $21,962,000 after purchasing an additional 295,960 shares during the last quarter. Finally, One Way Holdings LLC raised its position in Flywire by 7.2% in the 3rd quarter. One Way Holdings LLC now owns 1,131,863 shares of the company’s stock worth $19,808,000 after purchasing an additional 76,310 shares during the period. 95.90% of the stock is currently owned by institutional investors.

About Flywire

Flywire Corporation is a global payments and software company that helps businesses and institutions manage domestic and cross-border payments. Its platform connects payment processing with organizations’ existing systems and supports multiple currencies and local payment methods. The company serves customers in sectors including education, healthcare, travel and business-to-business services. Its offerings help organizations collect payments from customers and manage related payment workflows, including international transactions.