Flywire (NASDAQ:FLYW) Price Target Cut to $34.00 by Analysts at Royal Bank of Canada

Flywire (NASDAQ:FLYW) had its price objective reduced by stock analysts at Royal Bank of Canada from $41.00 to $34.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 97.90% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Wells Fargo & Company dropped their target price on Flywire from $35.00 to $30.00 and set an “overweight” rating for the company in a report on Monday. Oppenheimer assumed coverage on shares of Flywire in a report on Tuesday, January 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Flywire in a research note on Tuesday, February 6th. They issued a “buy” rating and a $27.00 price objective for the company. William Blair reiterated an “outperform” rating on shares of Flywire in a report on Wednesday. Finally, BTIG Research cut their price objective on Flywire from $34.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Flywire Stock Performance

FLYW traded down $3.36 during trading on Wednesday, reaching $17.18. 10,555,438 shares of the company traded hands, compared to its average volume of 1,619,965. Flywire has a 12-month low of $15.77 and a 12-month high of $35.80. The firm has a fifty day simple moving average of $23.59 and a 200 day simple moving average of $23.17. The company has a market cap of $2.11 billion, a P/E ratio of -188.53, a PEG ratio of 11.18 and a beta of 1.09.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) EPS 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 company had revenue of $114.10 million during the quarter, compared to analysts’ expectations of $107.81 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, sell-side analysts expect that Flywire will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at Flywire

In other Flywire news, CEO Michael Massaro sold 13,043 shares of Flywire stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total value of $313,945.01. Following the transaction, the chief executive officer now owns 1,655,673 shares in the company, valued at $39,852,049.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Massaro sold 13,043 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total transaction of $313,945.01. Following the transaction, the chief executive officer now directly owns 1,655,673 shares in the company, valued at approximately $39,852,049.11. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Rob Orgel sold 17,150 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $27.30, for a total value of $468,195.00. Following the completion of the sale, the chief operating officer now owns 468,285 shares of the company’s stock, valued at $12,784,180.50. The disclosure for this sale can be found here. In the last three months, insiders sold 141,800 shares of company stock valued at $3,743,582. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Amalgamated Bank lifted 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 buying an additional 486 shares during the period. Primecap Management Co. CA raised its stake in shares of Flywire by 2.7% in the third 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 last quarter. Arizona State Retirement System lifted its holdings in shares of Flywire by 2.1% during the third quarter. Arizona State Retirement System now owns 24,802 shares of the company’s stock worth $791,000 after purchasing an additional 501 shares during the period. RiverPark Advisors LLC boosted its position in Flywire by 22.6% in the fourth 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 last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Flywire by 3.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 19,884 shares of the company’s stock worth $493,000 after buying an additional 702 shares during the period. Institutional investors and hedge funds own 95.90% of the company’s stock.

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.