FinWise Bancorp (NASDAQ:FINW) Stock Price Down 4.9% – Here’s Why

Shares of FinWise Bancorp (NASDAQ:FINW) were down 4.9% on Monday . The stock traded as low as $14.36 and last traded at $14.67. Approximately 55,839 shares were traded during mid-day trading, an increase of 101% from the average daily volume of 27,830 shares. The stock had previously closed at $15.42.

Analyst Upgrades and Downgrades

FINW has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Wall Street Zen downgraded shares of FinWise Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Finally, Zacks Research lowered shares of FinWise Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.00.

FinWise Bancorp Stock Performance

The stock has a 50 day moving average price of $14.46 and a 200 day moving average price of $16.18. The company has a market cap of $202.91 million, a P/E ratio of 13.45 and a beta of 0.70.

FinWise Bancorp (NASDAQ:FINW) last announced its earnings results on Thursday, April 30th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.13). The firm had revenue of $24.33 million for the quarter, compared to the consensus estimate of $50.48 million. FinWise Bancorp had a net margin of 9.05% and a return on equity of 8.24%. As a group, equities research analysts predict that FinWise Bancorp will post 1.18 earnings per share for the current year.

FinWise Bancorp announced that its Board of Directors has authorized a share buyback plan on Thursday, May 21st that allows the company to repurchase 685,000,000,000 shares. This repurchase authorization allows the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On FinWise Bancorp

Several hedge funds have recently made changes to their positions in FINW. New York State Common Retirement Fund acquired a new stake in FinWise Bancorp during the second quarter valued at approximately $108,000. Cubist Systematic Strategies LLC bought a new stake in FinWise Bancorp during the first quarter worth approximately $104,000. JPMorgan Chase & Co. acquired a new position in FinWise Bancorp in the second quarter worth approximately $65,000. BNP Paribas Financial Markets grew its position in FinWise Bancorp by 76.9% in the third quarter. BNP Paribas Financial Markets now owns 2,890 shares of the company’s stock worth $56,000 after buying an additional 1,256 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of FinWise Bancorp by 4,847.1% in the fourth quarter. Bank of America Corp DE now owns 3,463 shares of the company’s stock valued at $55,000 after buying an additional 3,393 shares in the last quarter. Institutional investors and hedge funds own 35.41% of the company’s stock.

FinWise Bancorp Company Profile

FinWise Bancorp is the bank holding company for FinWise Bank, a digital‐first community bank headquartered in Lindon, Utah. The company specializes in providing commercial lending and deposit products to marketplace lending platforms, fintech companies and small to mid‐sized businesses across the United States. FinWise Bancorp operates through its wholly owned subsidiary, FinWise Bank, which is FDIC‐insured and leverages a technology‐driven model to deliver banking services efficiently.

The company’s primary business activities include participant financing arrangements for marketplace lenders and other fintech platforms, as well as direct commercial loans.