Flywire Co. (NASDAQ:FLYW - Get Free Report) was the target of a large decline in short interest in September. As of September 30th, there was short interest totalling 6,520,000 shares, a decline of 6.5% from the September 15th total of 6,970,000 shares. Currently, 5.5% of the company's stock are short sold. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is presently 5.6 days.
Several research firms recently issued reports on FLYW. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Flywire from $25.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada cut their price objective on Flywire from $34.00 to $25.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Flywire from $18.00 to $21.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Citigroup reduced their price objective on shares of Flywire from $27.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Finally, BTIG Research lowered their target price on shares of Flywire from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flywire currently has an average rating of "Moderate Buy" and an average price target of $26.07.
Check Out Our Latest Analysis on FLYW
Shares of FLYW traded up $0.18 during trading hours on Wednesday, hitting $17.14. 730,503 shares of the stock traded hands, compared to its average volume of 1,418,436. The business has a fifty day moving average of $17.15 and a 200-day moving average of $17.98. The firm has a market capitalization of $2.13 billion, a PE ratio of -155.82, a price-to-earnings-growth ratio of 6.94 and a beta of 0.97. Flywire has a 1-year low of $15.19 and a 1-year high of $31.54.
Flywire (NASDAQ:FLYW - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Flywire had a negative return on equity of 1.03% and a negative net margin of 1.85%. The business had revenue of $103.68 million for the quarter, compared to analyst estimates of $100.30 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The firm's quarterly revenue was up 22.2% compared to the same quarter last year. As a group, equities research analysts expect that Flywire will post 0.05 earnings per share for the current fiscal year.
In other Flywire news, CTO David R. King sold 3,353 shares of Flywire stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $60,488.12. Following the completion of the sale, the chief technology officer now directly owns 620,184 shares in the company, valued at $11,188,119.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Massaro sold 8,629 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $155,667.16. Following the transaction, the chief executive officer now directly owns 1,739,351 shares of the company's stock, valued at approximately $31,377,892.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David R. King sold 3,353 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $60,488.12. Following the sale, the chief technology officer now directly owns 620,184 shares of the company's stock, valued at $11,188,119.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,966 shares of company stock valued at $480,143. 3.90% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC grew its holdings in shares of Flywire by 125.1% during the second quarter. William Blair Investment Management LLC now owns 11,731,790 shares of the company's stock worth $192,284,000 after buying an additional 6,519,598 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Flywire by 253.3% during the 2nd quarter. Primecap Management Co. CA now owns 1,962,633 shares of the company's stock worth $32,168,000 after purchasing an additional 1,407,180 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Flywire by 129.7% in the 1st quarter. Jennison Associates LLC now owns 1,860,951 shares of the company's stock valued at $46,170,000 after purchasing an additional 1,050,924 shares during the period. Point72 Asset Management L.P. acquired a new stake in Flywire in the 2nd quarter valued at about $12,642,000. Finally, Blair William & Co. IL grew its holdings in Flywire by 33.4% during the second quarter. Blair William & Co. IL now owns 1,810,719 shares of the company's stock worth $29,678,000 after purchasing an additional 453,183 shares during the period. 95.90% of the stock is currently owned by institutional investors and hedge funds.
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.
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