Flywire (NASDAQ:FLYW) Announces Quarterly Earnings Results

Flywire (NASDAQ:FLYW – Get Rating) released its earnings results on Tuesday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07), MarketWatch Earnings reports. The business had revenue of $64.55 million during the quarter, compared to the consensus estimate of $56.83 million. During the same quarter in the previous year, the business posted ($0.41) earnings per share. Flywire’s quarterly revenue was up 43.5% on a year-over-year basis. Flywire updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Flywire stock traded up $0.37 during trading hours on Wednesday, reaching $21.51. 20,640 shares of the company were exchanged, compared to its average volume of 697,154. The company has a quick ratio of 3.78, a current ratio of 3.78 and a debt-to-equity ratio of 0.05. The firm has a 50-day moving average price of $28.41. Flywire has a 12 month low of $19.84 and a 12 month high of $57.41.

Several equities analysts have weighed in on the company. Royal Bank of Canada lowered their target price on Flywire from $51.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Wells Fargo & Company lowered their target price on Flywire from $41.00 to $36.00 in a research note on Wednesday. The Goldman Sachs Group lowered their target price on Flywire from $44.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, April 8th. Zacks Investment Research cut Flywire from a “buy” rating to a “hold” rating in a research note on Tuesday, January 11th. Finally, Sumitomo Mitsui Financial Group initiated coverage on Flywire in a research note on Wednesday, April 13th. They issued an “outperform” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $40.83.

In other news, COO Rob Orgel sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $30.54, for a total transaction of $305,400.00. Following the completion of the transaction, the chief operating officer now directly owns 126,019 shares in the company, valued at $3,848,620.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Massaro sold 8,580 shares of the company’s stock in a transaction that occurred on Thursday, February 17th. The stock was sold at an average price of $28.08, for a total value of $240,926.40. The disclosure for this sale can be found here. Insiders have sold 100,505 shares of company stock valued at $2,946,937 in the last ninety days.

Several hedge funds have recently modified their holdings of FLYW. BlackRock Inc. lifted its holdings in shares of Flywire by 337.1% during the fourth quarter. BlackRock Inc. now owns 3,094,269 shares of the company’s stock worth $117,767,000 after buying an additional 2,386,350 shares during the last quarter. State Street Corp lifted its holdings in shares of Flywire by 515.8% during the fourth quarter. State Street Corp now owns 948,966 shares of the company’s stock worth $36,118,000 after buying an additional 794,851 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flywire by 164.8% during the fourth quarter. Geode Capital Management LLC now owns 678,120 shares of the company’s stock worth $25,809,000 after buying an additional 422,071 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Flywire by 640.4% during the fourth quarter. Nuveen Asset Management LLC now owns 277,698 shares of the company’s stock worth $9,870,000 after buying an additional 240,190 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of Flywire during the fourth quarter worth approximately $5,962,000. Institutional investors own 76.06% of the company’s stock.

Flywire Company Profile (Get Rating)

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.

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