Jennison Associates LLC Purchases 792,863 Shares of Flywire Co. (NASDAQ:FLYW)

Jennison Associates LLC increased its stake in Flywire Co. (NASDAQ:FLYW) by 4,619.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 810,027 shares of the company’s stock after acquiring an additional 792,863 shares during the quarter. Jennison Associates LLC owned 0.67% of Flywire worth $18,752,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Flywire by 13.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,517,763 shares of the company’s stock valued at $335,411,000 after acquiring an additional 1,278,646 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Flywire by 10.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,514,112 shares of the company’s stock valued at $112,065,000 after acquiring an additional 327,994 shares in the last quarter. Fred Alger Management LLC increased its stake in shares of Flywire by 3.2% in the 3rd quarter. Fred Alger Management LLC now owns 3,479,847 shares of the company’s stock valued at $110,972,000 after acquiring an additional 108,749 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Flywire in the 3rd quarter valued at $100,341,000. Finally, Invesco Ltd. increased its stake in shares of Flywire by 23.5% in the 3rd quarter. Invesco Ltd. now owns 3,106,540 shares of the company’s stock valued at $99,068,000 after acquiring an additional 591,904 shares in the last quarter. Institutional investors own 95.90% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. UBS Group lifted their price target on shares of Flywire from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Morgan Stanley downgraded shares of Flywire from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $27.00 to $30.00 in a research report on Friday, March 1st. Citigroup cut their price objective on shares of Flywire from $37.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. William Blair reaffirmed an “outperform” rating on shares of Flywire in a report on Wednesday, February 28th. Finally, Oppenheimer started coverage on shares of Flywire in a report on Tuesday, January 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $34.27.

Flywire Stock Performance

Shares of Flywire stock opened at $20.55 on Friday. Flywire Co. has a 52-week low of $18.65 and a 52-week high of $35.80. The stock’s 50-day simple moving average is $24.05 and its 200 day simple moving average is $23.74.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09. Flywire had a negative return on equity of 1.35% and a negative net margin of 2.13%. The business had revenue of $100.55 million for the quarter, compared to analysts’ expectations of $88.52 million. During the same period in the previous year, the business posted ($0.01) EPS. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. On average, sell-side analysts predict that Flywire Co. will post 0.05 earnings per share for the current year.

Insider Transactions at Flywire

In other news, CEO Michael Massaro sold 28,822 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $27.30, for a total transaction of $786,840.60. Following the completion of the transaction, the chief executive officer now owns 1,743,032 shares of the company’s stock, valued at $47,584,773.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Rob Orgel sold 17,150 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $27.30, for a total transaction of $468,195.00. Following the completion of the transaction, the chief operating officer now owns 468,285 shares of the company’s stock, valued at $12,784,180.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Massaro sold 28,822 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $27.30, for a total value of $786,840.60. Following the transaction, the chief executive officer now directly owns 1,743,032 shares of the company’s stock, valued at approximately $47,584,773.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,800 shares of company stock valued at $3,743,582. 5.00% of the stock is owned by corporate insiders.

Flywire 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.