Royal Bank of Canada Cuts Flywire (NASDAQ:FLYW) Price Target to $17.00

Flywire (NASDAQ:FLYW) had its price objective cut by Royal Bank of Canada from $20.00 to $17.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $9.00 price target (down previously from $16.00) on shares of Flywire in a research report on Monday, April 14th. BTIG Research cut Flywire from a “buy” rating to a “neutral” rating in a report on Wednesday, February 26th. Morgan Stanley reduced their price objective on shares of Flywire from $21.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Raymond James lowered shares of Flywire from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $29.00 to $17.00 in a research note on Wednesday, February 26th. Finally, Citigroup reduced their price target on shares of Flywire from $26.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.62.

Flywire Stock Performance

NASDAQ FLYW opened at $10.89 on Wednesday. The stock’s fifty day moving average is $9.57 and its two-hundred day moving average is $16.13. The firm has a market capitalization of $1.35 billion, a P/E ratio of 72.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.22. Flywire has a fifty-two week low of $8.20 and a fifty-two week high of $23.40.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. Flywire had a net margin of 4.23% and a return on equity of 2.49%. The firm had revenue of $128.70 million during the quarter, compared to analyst estimates of $124.18 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Flywire’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, sell-side analysts forecast that Flywire will post 0.14 EPS for the current year.

Insider Buying and Selling at Flywire

In related news, General Counsel Peter Butterfield sold 5,523 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $10.08, for a total value of $55,671.84. Following the sale, the general counsel now directly owns 247,561 shares of the company’s stock, valued at approximately $2,495,414.88. This represents a 2.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gretchen Howard bought 8,889 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average price of $10.94 per share, with a total value of $97,245.66. Following the transaction, the director now owns 30,770 shares of the company’s stock, valued at $336,623.80. The trade was a 40.62 % increase in their position. The disclosure for this purchase can be found here. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flywire

A number of institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in Flywire during the 4th quarter worth about $30,000. Arcadia Investment Management Corp MI acquired a new stake in Flywire during the fourth quarter worth approximately $48,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Flywire in the 4th quarter worth approximately $77,000. KBC Group NV lifted its stake in shares of Flywire by 64.0% during the 4th quarter. KBC Group NV now owns 4,899 shares of the company’s stock worth $101,000 after purchasing an additional 1,911 shares during the period. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Flywire during the fourth quarter worth $104,000. 95.90% of the stock is owned by institutional investors and hedge funds.

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.