Flywire (NASDAQ:FLYW – Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.15), Briefing.com reports. Flywire had a negative net margin of 10.30% and a negative return on equity of 6.89%. The company had revenue of $84.87 million during the quarter, compared to analysts’ expectations of $73.53 million. During the same period last year, the company posted ($0.22) EPS. Flywire’s revenue was up 50.1% on a year-over-year basis. Flywire updated its Q3 2023 guidance to EPS and its FY 2023 guidance to EPS.
Flywire Price Performance
FLYW opened at $34.17 on Thursday. The firm has a market cap of $3.78 billion, a P/E ratio of -113.90 and a beta of 1.13. Flywire has a 1-year low of $17.16 and a 1-year high of $35.80. The company has a 50 day simple moving average of $31.81 and a two-hundred day simple moving average of $29.22.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Flywire from $35.00 to $40.00 in a report on Wednesday, July 19th. B. Riley initiated coverage on shares of Flywire in a report on Friday, June 23rd. They issued a “buy” rating and a $38.00 target price for the company. Stephens boosted their price objective on shares of Flywire from $34.00 to $37.00 in a report on Wednesday. Morgan Stanley boosted their price objective on shares of Flywire from $28.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, August 2nd. Finally, The Goldman Sachs Group boosted their price objective on shares of Flywire from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, April 13th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $35.67.
Insiders Place Their Bets
In other Flywire news, General Counsel Peter Butterfield sold 11,232 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $33.21, for a total value of $373,014.72. Following the completion of the transaction, the general counsel now directly owns 109,521 shares in the company, valued at $3,637,192.41. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Flywire news, General Counsel Peter Butterfield sold 11,232 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $33.21, for a total transaction of $373,014.72. Following the completion of the transaction, the general counsel now owns 109,521 shares in the company, valued at approximately $3,637,192.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew C. Harris sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $30.60, for a total value of $30,600,000.00. Following the transaction, the director now owns 7,795,388 shares of the company’s stock, valued at approximately $238,538,872.80. The disclosure for this sale can be found here. Insiders sold a total of 1,642,581 shares of company stock worth $50,439,169 over the last three months. 5.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Flywire
Several institutional investors have recently added to or reduced their stakes in FLYW. American International Group Inc. lifted its stake in shares of Flywire by 1.6% in the 4th quarter. American International Group Inc. now owns 26,969 shares of the company’s stock valued at $660,000 after purchasing an additional 420 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Flywire by 5.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 11,116 shares of the company’s stock worth $326,000 after acquiring an additional 586 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Flywire by 457.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,601 shares of the company’s stock worth $47,000 after acquiring an additional 1,314 shares during the last quarter. UBS Group AG bought a new stake in shares of Flywire during the 3rd quarter worth approximately $36,000. Finally, Rhumbline Advisers lifted its stake in shares of Flywire by 2.8% during the 2nd quarter. Rhumbline Advisers now owns 61,323 shares of the company’s stock worth $1,081,000 after acquiring an additional 1,680 shares during the last quarter. Hedge funds and other institutional investors own 86.21% of the company’s stock.
About Flywire
Flywire Corporation, together with its subsidiaries, operates as a payments enablement and software company in the United States and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay. The company's platform facilitates payment flows across multiple currencies, payment types, and payment options; and provides direct connections to alternative payment methods, such as Alipay, Boleto, PayPal/Venmo, and Trustly.
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