Flywire (NASDAQ:FLYW) Shares Gap Up on Better-Than-Expected Earnings

Flywire Co. (NASDAQ:FLYW – Get Rating) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $24.73, but opened at $27.00. Flywire shares last traded at $26.46, with a volume of 532,440 shares trading hands.

The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.10. The business had revenue of $73.05 million during the quarter, compared to the consensus estimate of $65.50 million. Flywire had a negative net margin of 18.85% and a negative return on equity of 10.43%. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.11) earnings per share.

Wall Street Analyst Weigh In

FLYW has been the subject of a number of recent research reports. Stephens lowered their price target on shares of Flywire from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, November 9th. Truist Financial lifted their price target on shares of Flywire from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, January 20th. The Goldman Sachs Group decreased their target price on shares of Flywire from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, November 9th. Raymond James raised their target price on shares of Flywire from $28.00 to $33.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 4th. Finally, Wells Fargo & Company raised their target price on shares of Flywire from $30.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $32.10.

Insider Buying and Selling at Flywire

In other Flywire news, Director Jo Natauri sold 506,359 shares of Flywire stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $21.15, for a total transaction of $10,709,492.85. Following the transaction, the director now directly owns 564,544 shares of the company’s stock, valued at $11,940,105.60. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, General Counsel Peter Butterfield sold 7,862 shares of Flywire stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $26.05, for a total transaction of $204,805.10. Following the sale, the general counsel now owns 71,508 shares in the company, valued at $1,862,783.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jo Natauri sold 506,359 shares of Flywire stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $21.15, for a total transaction of $10,709,492.85. Following the sale, the director now owns 564,544 shares in the company, valued at approximately $11,940,105.60. The disclosure for this sale can be found here. Insiders have sold a total of 920,530 shares of company stock valued at $20,591,716 over the last ninety days. Corporate insiders own 37.50% of the company’s stock.

Institutional Trading of Flywire

A number of hedge funds have recently made changes to their positions in FLYW. MCF Advisors LLC purchased a new stake in shares of Flywire during the third quarter valued at approximately $30,000. Assetmark Inc. increased its stake in shares of Flywire by 170.2% in the third quarter. Assetmark Inc. now owns 1,332 shares of the company’s stock worth $31,000 after buying an additional 839 shares during the last quarter. UBS Group AG bought a new stake in shares of Flywire in the third quarter worth $36,000. Nisa Investment Advisors LLC increased its stake in shares of Flywire by 226.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,090 shares of the company’s stock worth $37,000 after buying an additional 1,450 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in shares of Flywire in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 79.06% of the company’s stock.

Flywire Trading Up 4.1 %

The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $25.25 and its 200-day moving average is $23.62. The firm has a market cap of $2.79 billion, a P/E ratio of -54.77 and a beta of 1.06.

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.