Flywire (NASDAQ:FLYW) Stock Gets Price Target Increase from Citigroup

Flywire (NASDAQ:FLYW) had its price objective hoisted by research analysts at Citigroup from $19.00 to $23.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup‘s price target would suggest a potential upside of 6.63% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $25.00 price target on shares of Flywire in a report on Wednesday, September 30th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price objective on shares of Flywire in a report on Wednesday, August 5th. Zacks Research lowered shares of Flywire from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Stephens started coverage on shares of Flywire in a research report on Friday, October 16th. They issued an “equal weight” rating and a $20.00 price objective for the company. Finally, Seaport Research Partners restated a “buy” rating and set a $22.00 target price on shares of Flywire in a research note on Monday, August 17th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.27.

Flywire Price Performance

Flywire stock traded up $0.31 during midday trading on Thursday, hitting $21.57. 2,499,704 shares of the company were exchanged, compared to its average volume of 1,238,536. The company has a market cap of $2.62 billion, a PE ratio of 35.95, a price-to-earnings-growth ratio of 1.24 and a beta of 1.32. Flywire has a fifty-two week low of $10.55 and a fifty-two week high of $22.17. The company’s fifty day moving average price is $18.45 and its 200-day moving average price is $15.69.

Flywire (NASDAQ:FLYW) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.26. The company had revenue of $250.30 million during the quarter, compared to the consensus estimate of $233.25 million. Flywire had a net margin of 4.77% and a return on equity of 4.08%. Flywire’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. On average, analysts expect that Flywire will post 0.40 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Peter Butterfield sold 12,156 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $17.99, for a total value of $218,686.44. Following the completion of the sale, the general counsel owned 601,022 shares of the company’s stock, valued at approximately $10,812,385.78. The trade was a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David R. King sold 55,325 shares of the company’s 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 completion of the sale, the insider owned 147,079 shares in the company, valued at approximately $2,948,933.95. This trade represents a 27.33% decrease in their position. 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. In the last three months, insiders sold 653,996 shares of company stock worth $12,466,115. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flywire

A number of hedge funds have recently bought and sold shares of FLYW. Renaissance Technologies LLC increased its holdings in shares of Flywire by 110.8% in the 1st quarter. Renaissance Technologies LLC now owns 887,200 shares of the company’s stock valued at $10,327,000 after acquiring an additional 466,300 shares during the last quarter. North Reef Capital Management LP raised its position in shares of Flywire by 83.3% during the 1st quarter. North Reef Capital Management LP now owns 1,100,000 shares of the company’s stock valued at $12,804,000 after acquiring an additional 499,999 shares in the last quarter. Squarepoint Ops LLC lifted its stake in Flywire by 158.4% during the second quarter. Squarepoint Ops LLC now owns 539,307 shares of the company’s stock worth $9,476,000 after purchasing an additional 330,622 shares during the last quarter. Roubaix Capital LLC acquired a new position in Flywire in the first quarter worth $2,685,000. Finally, Jennison Associates LLC boosted its holdings in Flywire by 19.9% in 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 during the period. 95.90% of the stock is currently owned by institutional investors and hedge funds.

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.