Citigroup Trims Flywire (NASDAQ:FLYW) Target Price to $33.00

Flywire (NASDAQ:FLYW) had its price target reduced by equities researchers at Citigroup from $36.00 to $33.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 86.65% from the stock’s current price.

FLYW has been the subject of a number of other reports. Morgan Stanley downgraded Flywire from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $27.00 to $30.00 in a report on Friday, March 1st. BTIG Research decreased their target price on Flywire from $34.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday. William Blair reissued an “outperform” rating on shares of Flywire in a research note on Wednesday. Truist Financial increased their target price on shares of Flywire from $30.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, Wells Fargo & Company reduced their price objective on Flywire from $35.00 to $30.00 and set an “overweight” rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flywire has an average rating of “Moderate Buy” and an average target price of $31.60.

Flywire Stock Up 2.6 %

Shares of NASDAQ:FLYW opened at $17.68 on Wednesday. The firm has a market cap of $2.17 billion, a P/E ratio of -196.42, a P/E/G ratio of 11.18 and a beta of 1.09. Flywire has a 12-month low of $15.77 and a 12-month high of $35.80. The business has a fifty day simple moving average of $23.15 and a 200 day simple moving average of $23.10.

Flywire (NASDAQ:FLYW) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Flywire had a negative return on equity of 1.35% and a negative net margin of 2.13%. The firm had revenue of $114.10 million during the quarter, compared to analyst estimates of $107.81 million. During the same quarter last year, the firm posted ($0.03) EPS. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. As a group, equities research analysts expect that Flywire will post 0.03 EPS for the current year.

Insider Buying and Selling

In other news, Director Phillip John Riese sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $26.41, for a total value of $1,320,500.00. Following the transaction, the director now owns 232,037 shares of the company’s stock, valued at $6,128,097.17. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Phillip John Riese sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $26.41, for a total value of $1,320,500.00. Following the transaction, the director now directly owns 232,037 shares in the company, valued at $6,128,097.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Massaro sold 13,043 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total transaction of $313,945.01. Following the completion of the transaction, the chief executive officer now directly owns 1,655,673 shares of the company’s stock, valued at approximately $39,852,049.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,800 shares of company stock worth $3,743,582. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Flywire

Hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Flywire in the first quarter worth approximately $46,000. Quest Partners LLC purchased a new stake in shares of Flywire in the 4th quarter valued at $52,000. RiverPark Advisors LLC bought a new position in shares of Flywire during the 3rd quarter valued at $83,000. Assetmark Inc. raised its position in Flywire by 16.9% in the 4th quarter. Assetmark Inc. now owns 5,061 shares of the company’s stock worth $117,000 after purchasing an additional 733 shares during the period. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Flywire in the third quarter worth $224,000. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

Flywire Company 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.