Flywire (NASDAQ:FLYW) Sets New 1-Year Low After Earnings Miss

Flywire Co. (NASDAQ:FLYW) reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $17.50 and last traded at $17.50, with a volume of 1618 shares changing hands. The stock had previously closed at $20.54.

The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Flywire had a negative net margin of 2.13% and a negative return on equity of 1.35%. The business had revenue of $114.10 million during the quarter, compared to the consensus estimate of $107.81 million. During the same quarter in the prior year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

FLYW has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on Flywire from $35.00 to $30.00 and set an “overweight” rating on the stock in a report on Monday. Oppenheimer assumed coverage on shares of Flywire in a report on Tuesday, January 23rd. They issued an “outperform” rating and a $25.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Flywire from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Citigroup cut their price objective on shares of Flywire from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, UBS Group decreased their target price on shares of Flywire from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday. Two 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 data from MarketBeat.com, Flywire currently has a consensus rating of “Moderate Buy” and an average target price of $32.20.

Insider Transactions at Flywire

In other Flywire news, CEO Michael Massaro sold 28,822 shares of Flywire stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $27.30, for a total transaction of $786,840.60. Following the completion of the sale, the chief executive officer now directly owns 1,743,032 shares in the company, valued at approximately $47,584,773.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CTO David R. King sold 9,366 shares of the company’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 $255,691.80. Following the sale, the chief technology officer now owns 621,568 shares in the company, valued at $16,968,806.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Massaro sold 28,822 shares of the firm’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 sale, the chief executive officer now directly owns 1,743,032 shares in the company, valued at $47,584,773.60. The disclosure for this sale can be found here. Insiders sold a total of 141,800 shares of company stock worth $3,743,582 over the last three months. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flywire

Several hedge funds have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Flywire by 44.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 15,120 shares of the company’s stock valued at $375,000 after purchasing an additional 4,620 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of Flywire by 8.8% in the first quarter. William Blair Investment Management LLC now owns 5,212,192 shares of the company’s stock worth $129,314,000 after buying an additional 419,549 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Flywire by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 19,104 shares of the company’s stock worth $474,000 after purchasing an additional 1,504 shares during the last quarter. Headlands Technologies LLC acquired a new position in Flywire during the first quarter worth $46,000. Finally, Swiss National Bank boosted its position in shares of Flywire by 0.8% during the 1st quarter. Swiss National Bank now owns 212,300 shares of the company’s stock valued at $5,267,000 after acquiring an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 95.90% of the company’s stock.

Flywire Stock Performance

The firm’s 50 day moving average price is $23.59 and its two-hundred day moving average price is $23.17. The firm has a market cap of $2.12 billion, a PE ratio of -188.53, a PEG ratio of 11.18 and a beta of 1.09.

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.