Flywire (NASDAQ:FLYW) Sets New 52-Week Low After Earnings Miss

Flywire Co. (NASDAQ:FLYW) shares hit a new 52-week low on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $17.50 and last traded at $17.50, with a volume of 1618 shares trading hands. The stock had previously closed at $20.54.

The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Flywire had a negative return on equity of 1.35% and a negative net margin of 2.13%. The firm had revenue of $114.10 million for the quarter, compared to the consensus estimate of $107.81 million. During the same period in the prior year, the company posted ($0.03) earnings per share. Flywire’s quarterly revenue was up 20.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FLYW shares. BTIG Research cut their price objective on Flywire from $34.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday. Royal Bank of Canada reduced their price target on shares of Flywire from $41.00 to $34.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wells Fargo & Company lowered their price objective on shares of Flywire from $35.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday. JPMorgan Chase & Co. raised their price target on shares of Flywire from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Finally, Citigroup dropped their price objective on shares of Flywire from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.20.

Insider Activity at Flywire

In other news, Director Phillip John Riese sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $26.41, for a total transaction of $1,320,500.00. Following the completion of the transaction, the director now directly owns 232,037 shares in the company, valued at approximately $6,128,097.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Phillip John Riese sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $26.41, for a total value of $1,320,500.00. Following the completion of the transaction, the director now owns 232,037 shares of the company’s stock, valued at approximately $6,128,097.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO David R. King sold 9,366 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $27.30, for a total value of $255,691.80. Following the completion of the transaction, the chief technology officer now directly owns 621,568 shares of the company’s stock, valued at $16,968,806.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 141,800 shares of company stock worth $3,743,582. 5.00% of the stock is owned by insiders.

Institutional Trading of Flywire

Several hedge funds have recently bought and sold shares of FLYW. Edmond DE Rothschild Holding S.A. boosted its stake in Flywire by 44.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 15,120 shares of the company’s stock worth $375,000 after purchasing an additional 4,620 shares during the period. William Blair Investment Management LLC boosted its position in Flywire by 8.8% during the 1st quarter. William Blair Investment Management LLC now owns 5,212,192 shares of the company’s stock worth $129,314,000 after acquiring an additional 419,549 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of Flywire by 8.5% in the first quarter. ProShare Advisors LLC now owns 19,104 shares of the company’s stock valued at $474,000 after purchasing an additional 1,504 shares during the last quarter. Headlands Technologies LLC acquired a new position in Flywire during the first quarter worth $46,000. Finally, Swiss National Bank boosted its stake in shares of Flywire by 0.8% during the 1st quarter. Swiss National Bank now owns 212,300 shares of the company’s stock worth $5,267,000 after buying an additional 1,600 shares during the last quarter. 95.90% of the stock is currently owned by institutional investors and hedge funds.

Flywire Price Performance

The business has a 50-day moving average of $23.59 and a 200-day moving average of $23.17. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -188.53, a P/E/G ratio of 11.18 and a beta of 1.09.

Flywire Company Profile

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, as well as provides direct connections to alternative payment methods, such as Alipay, Boleto, PayPal/Venmo, and Trustly.