Bank of America Corp DE Sells 393,985 Shares of Flywire Co. (NASDAQ:FLYW)

Bank of America Corp DE cut its position in Flywire Co. (NASDAQ:FLYW - Free Report) by 37.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 666,381 shares of the company's stock after selling 393,985 shares during the period. Bank of America Corp DE owned 0.54% of Flywire worth $13,741,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Flywire during the 4th quarter worth approximately $35,579,000. Voss Capital LP acquired a new position in Flywire in the fourth quarter worth $30,621,000. Teacher Retirement System of Texas bought a new stake in shares of Flywire during the fourth quarter worth $24,363,000. Jennison Associates LLC grew its holdings in shares of Flywire by 53.0% during the fourth quarter. Jennison Associates LLC now owns 3,406,312 shares of the company's stock worth $70,238,000 after purchasing an additional 1,179,562 shares during the last quarter. Finally, Wasatch Advisors LP increased its stake in shares of Flywire by 62.1% in the fourth quarter. Wasatch Advisors LP now owns 2,741,644 shares of the company's stock valued at $56,533,000 after buying an additional 1,049,888 shares in the last quarter. Institutional investors own 95.90% of the company's stock.

Insider Transactions at Flywire

In other news, General Counsel Peter Butterfield sold 5,523 shares of Flywire 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 completion of the transaction, the general counsel now owns 247,561 shares of the company's stock, valued at $2,495,414.88. This trade represents a 2.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gretchen Howard acquired 8,889 shares of the stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the purchase, the director now directly owns 30,770 shares in the company, valued at $336,623.80. The trade was a 40.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FLYW shares. Wells Fargo & Company reduced their price target on shares of Flywire from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. The Goldman Sachs Group raised their price objective on shares of Flywire from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. BTIG Research lowered shares of Flywire from a "buy" rating to a "neutral" rating in a research report on Wednesday, February 26th. B. Riley reissued a "buy" rating and set a $17.00 price target (down from $29.00) on shares of Flywire in a research note on Friday, May 2nd. Finally, Citigroup decreased their price target on Flywire from $26.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Flywire currently has a consensus rating of "Hold" and a consensus price target of $15.42.

Flywire Price Performance

Shares of NASDAQ FLYW traded down $0.45 during midday trading on Tuesday, reaching $10.58. 4,324,617 shares of the stock were exchanged, compared to its average volume of 1,773,961. The business has a 50-day simple moving average of $9.81 and a two-hundred day simple moving average of $15.56. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 70.53, a P/E/G ratio of 1.41 and a beta of 1.22. Flywire Co. has a 12 month low of $8.20 and a 12 month high of $23.40.

Flywire (NASDAQ:FLYW - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. Flywire had a net margin of 4.23% and a return on equity of 2.49%. The company had revenue of $128.70 million during the quarter, compared to analysts' expectations of $124.18 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The business's quarterly revenue was up 17.0% compared to the same quarter last year. Equities research analysts expect that Flywire Co. will post 0.14 earnings per share for the current fiscal year.

Flywire 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.