Flywire (NASDAQ:FLYW) Hits New 52-Week High at $31.34

Flywire Co. (NASDAQ:FLYW – Get Rating) shares reached a new 52-week high on Friday . The company traded as high as $31.34 and last traded at $30.88, with a volume of 232744 shares. The stock had previously closed at $31.19.

Analyst Ratings Changes

FLYW has been the subject of a number of recent research reports. Stephens boosted their price target on shares of Flywire from $32.00 to $34.00 in a research note on Wednesday, May 10th. Bank of America upped their price target on shares of Flywire from $32.00 to $36.00 in a report on Wednesday, May 10th. The Goldman Sachs Group increased their target price on shares of Flywire from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, April 13th. Citigroup upped their price target on shares of Flywire from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Finally, Wells Fargo & Company increased their price objective on shares of Flywire from $30.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $32.00.

Flywire Trading Down 0.6 %

The business’s 50 day moving average price is $28.66 and its two-hundred day moving average price is $25.47. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -103.30 and a beta of 1.15.

Flywire (NASDAQ:FLYW – Get Rating) last posted its earnings results on Tuesday, February 28th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.10. Flywire had a negative net margin of 10.30% and a negative return on equity of 6.89%. The business had revenue of $73.05 million for the quarter, compared to the consensus estimate of $65.50 million. During the same period last year, the company earned ($0.11) EPS. The firm’s revenue was up 42.1% compared to the same quarter last year. Analysts expect that Flywire Co. will post -0.16 EPS for the current year.

Insider Activity

In related news, major shareholder Enrique T. Salem sold 2,850,000 shares of Flywire stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $29.51, for a total value of $84,103,500.00. Following the completion of the sale, the insider now owns 8,795,388 shares of the company’s stock, valued at approximately $259,551,899.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CTO David R. King sold 1,800 shares of the company’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $29.53, for a total transaction of $53,154.00. Following the sale, the chief technology officer now directly owns 922,034 shares in the company, valued at $27,227,664.02. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Enrique T. Salem sold 2,850,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $29.51, for a total transaction of $84,103,500.00. Following the completion of the transaction, the insider now owns 8,795,388 shares in the company, valued at $259,551,899.88. The disclosure for this sale can be found here. Insiders sold 3,105,753 shares of company stock worth $91,242,372 in the last quarter. 37.50% of the stock is owned by corporate insiders.

Institutional Trading of Flywire

Several hedge funds and other institutional investors have recently bought and sold shares of FLYW. Envestnet Asset Management Inc. boosted its stake in shares of Flywire by 52.2% during the first quarter. Envestnet Asset Management Inc. now owns 9,655 shares of the company’s stock valued at $295,000 after purchasing an additional 3,312 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Flywire by 27.4% during the first quarter. PNC Financial Services Group Inc. now owns 10,142 shares of the company’s stock valued at $309,000 after acquiring an additional 2,182 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Flywire by 55.4% during the first quarter. MetLife Investment Management LLC now owns 34,947 shares of the company’s stock valued at $1,069,000 after acquiring an additional 12,461 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Flywire by 0.8% during the first quarter. Vanguard Group Inc. now owns 5,038,684 shares of the company’s stock valued at $154,082,000 after acquiring an additional 37,622 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Flywire during the first quarter valued at approximately $3,147,000. Hedge funds and other institutional investors own 79.06% of the company’s stock.

About Flywire

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Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Canada, and the United Kingdom, and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay.