Flywire (NASDAQ:FLYW) Stock Jumps 5% – Time to Buy?

Shares of Flywire Corporation (NASDAQ:FLYW) were up 5% during mid-day trading on Friday. The company traded as high as $22.50 and last traded at $22.54. Approximately 1,235,333 shares were traded during trading, a decline of 34% from the average session volume of 1,879,610 shares. The stock had previously closed at $21.47.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Truist Financial increased their price objective on Flywire from $19.00 to $23.00 and gave the stock a “hold” rating in a research note on Wednesday. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 target price on shares of Flywire in a research report on Wednesday, November 4th. Weiss Ratings upgraded Flywire from a “hold (c-)” rating to a “hold (c+)” rating in a report on Monday. Morgan Stanley increased their price target on Flywire from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, November 4th. Finally, Citigroup raised their price objective on Flywire from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, November 5th. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.58.

Flywire Stock Performance

The company’s 50 day simple moving average is $18.72 and its 200 day simple moving average is $15.86. The stock has a market cap of $2.73 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.32.

Flywire (NASDAQ:FLYW) last announced its earnings results on Tuesday, November 3rd. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.26. The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $233.25 million. Flywire had a return on equity of 9.25% and a net margin of 10.34%. The company’s revenue was up 25.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 EPS. Equities research analysts expect that Flywire Corporation will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider David R. King sold 55,325 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was 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 directly owned 147,079 shares of the company’s stock, valued at $2,948,933.95. This trade represents a 27.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Peter Butterfield sold 12,156 shares of Flywire stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $17.99, for a total value of $218,686.44. Following the sale, the general counsel owned 601,022 shares in the company, valued at $10,812,385.78. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 653,996 shares of company stock valued at $12,466,115. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in shares of Flywire by 110.8% during the 1st quarter. Renaissance Technologies LLC now owns 887,200 shares of the company’s stock valued at $10,327,000 after buying an additional 466,300 shares during the last quarter. North Reef Capital Management LP raised its holdings in 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 during the period. Squarepoint Ops LLC raised its stake in shares of Flywire by 158.4% during the 2nd quarter. Squarepoint Ops LLC now owns 539,307 shares of the company’s stock valued at $9,476,000 after purchasing an additional 330,622 shares during the period. Roubaix Capital LLC bought a new stake in shares of Flywire during the 1st quarter valued at $2,685,000. Finally, Jennison Associates LLC lifted its holdings in Flywire by 19.9% during the 1st 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 in the last quarter. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

Flywire Company Profile

Flywire Corporation is a global payments and software company that helps businesses and institutions manage domestic and cross-border payments. Its platform connects payment processing with organizations’ existing systems and supports multiple currencies and local payment methods. The company serves customers in sectors including education, healthcare, travel and business-to-business services. Its offerings help organizations collect payments from customers and manage related payment workflows, including international transactions.