Flywire (NASDAQ:FLYW) Sets New 1-Year Low on Disappointing Earnings

Shares of Flywire Co. (NASDAQ:FLYW) hit a new 52-week low during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The firm had revenue of $114.10 million for the quarter, compared to analyst estimates of $107.81 million. Flywire had a negative net margin of 2.13% and a negative return on equity of 1.35%. Flywire’s revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FLYW shares. Truist Financial increased their target price on shares of Flywire from $30.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. William Blair restated an “outperform” rating on shares of Flywire in a report on Wednesday. The Goldman Sachs Group increased their price target on Flywire from $29.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Wells Fargo & Company lowered their price objective on Flywire from $35.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Oppenheimer started coverage on Flywire in a research note on Tuesday, January 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Flywire presently has an average rating of “Moderate Buy” and a consensus target price of $34.07.

Insider Activity

In other Flywire news, General Counsel Peter Butterfield sold 4,730 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $27.30, for a total value of $129,129.00. Following the sale, the general counsel now directly owns 214,678 shares in the company, valued at $5,860,709.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Flywire news, Director Phillip John Riese sold 50,000 shares of Flywire stock in a transaction that occurred on 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 transaction, the director now owns 232,037 shares of the company’s stock, valued at $6,128,097.17. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Peter Butterfield sold 4,730 shares of Flywire stock in a transaction on Monday, March 4th. The shares were sold at an average price of $27.30, for a total transaction of $129,129.00. Following the completion of the transaction, the general counsel now directly owns 214,678 shares in the company, valued at $5,860,709.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,800 shares of company stock worth $3,743,582. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flywire

Several institutional investors have recently added to or reduced their stakes in FLYW. Amalgamated Bank raised its stake in shares of Flywire by 3.3% during the fourth quarter. Amalgamated Bank now owns 15,267 shares of the company’s stock worth $353,000 after purchasing an additional 486 shares during the last quarter. Primecap Management Co. CA increased its position in Flywire by 2.7% during the 3rd quarter. Primecap Management Co. CA now owns 19,100 shares of the company’s stock worth $609,000 after purchasing an additional 500 shares during the period. Arizona State Retirement System raised its stake in shares of Flywire by 2.1% during the 3rd quarter. Arizona State Retirement System now owns 24,802 shares of the company’s stock worth $791,000 after buying an additional 501 shares in the last quarter. RiverPark Advisors LLC lifted its holdings in shares of Flywire by 22.6% in the 4th quarter. RiverPark Advisors LLC now owns 3,195 shares of the company’s stock valued at $74,000 after buying an additional 589 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Flywire by 3.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 19,884 shares of the company’s stock valued at $493,000 after buying an additional 702 shares in the last quarter. Institutional investors and hedge funds own 95.90% of the company’s stock.

Flywire Stock Down 18.0 %

The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -228.20, a price-to-earnings-growth ratio of 11.18 and a beta of 1.09. The stock has a fifty day moving average of $23.59 and a two-hundred day moving average of $23.17.

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