Flywire (NASDAQ:FLYW) Shares Gap Up on Earnings Beat

Flywire Corporation (NASDAQ:FLYW) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $13.81, but opened at $14.99. Flywire shares last traded at $13.7830, with a volume of 574,477 shares traded.

The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. Flywire had a return on equity of 1.94% and a net margin of 1.27%.The company had revenue of $194.10 million during the quarter, compared to analysts’ expectations of $180.07 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup upgraded Flywire to a “hold” rating in a research note on Thursday, October 23rd. UBS Group upped their price target on Flywire from $11.50 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. Stephens restated an “equal weight” rating and set a $13.00 price target on shares of Flywire in a research note on Monday, September 22nd. Truist Financial upped their price target on Flywire from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Finally, Wall Street Zen upgraded Flywire from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.27.

Institutional Trading of Flywire

Several large investors have recently bought and sold shares of the company. Dakota Wealth Management grew its holdings in Flywire by 8.7% in the first quarter. Dakota Wealth Management now owns 13,334 shares of the company’s stock valued at $127,000 after purchasing an additional 1,066 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Flywire by 3.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 43,858 shares of the company’s stock valued at $417,000 after acquiring an additional 1,361 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Flywire by 194.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,279 shares of the company’s stock valued at $38,000 after acquiring an additional 2,167 shares during the last quarter. Covestor Ltd boosted its stake in shares of Flywire by 217.9% during the third quarter. Covestor Ltd now owns 3,233 shares of the company’s stock valued at $43,000 after acquiring an additional 2,216 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Flywire by 78.4% during the second quarter. Daiwa Securities Group Inc. now owns 5,681 shares of the company’s stock valued at $66,000 after acquiring an additional 2,497 shares during the last quarter. Institutional investors and hedge funds own 95.90% of the company’s stock.

Flywire Trading Down 0.7%

The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 274.02, a price-to-earnings-growth ratio of 3.50 and a beta of 1.29. The business has a 50 day moving average of $13.25 and a 200 day moving average of $11.83.

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.