Jennison Associates LLC Reduces Stock Holdings in Flywire Corporation (NASDAQ:FLYW)

Jennison Associates LLC lessened its holdings in shares of Flywire Corporation (NASDAQ:FLYW - Free Report) by 5.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,223,637 shares of the company's stock after selling 182,675 shares during the quarter. Jennison Associates LLC owned 2.61% of Flywire worth $30,625,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FLYW. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Flywire in the 4th quarter valued at about $77,000. GAMMA Investing LLC raised its stake in shares of Flywire by 23,876.5% in the 1st quarter. GAMMA Investing LLC now owns 4,076 shares of the company's stock valued at $429,000 after purchasing an additional 4,059 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Flywire in the 4th quarter valued at about $225,000. State of Wyoming raised its stake in shares of Flywire by 80.1% in the 4th quarter. State of Wyoming now owns 10,939 shares of the company's stock valued at $226,000 after purchasing an additional 4,865 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in shares of Flywire in the 4th quarter valued at about $233,000. Institutional investors and hedge funds own 95.90% of the company's stock.

Insider Activity

In other news, Director Edwin J. Santos sold 5,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $10.50, for a total transaction of $52,500.00. Following the sale, the director directly owned 16,990 shares of the company's stock, valued at approximately $178,395. This represents a 22.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Truist Financial lifted their target price on Flywire from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Thursday. The Goldman Sachs Group raised their target price on shares of Flywire from $10.00 to $12.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Citigroup decreased their target price on shares of Flywire from $26.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of Flywire in a research note on Thursday. They issued a "hold" rating and a $12.00 target price for the company. Finally, Wells Fargo & Company decreased their target price on shares of Flywire from $16.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Flywire presently has an average rating of "Hold" and an average target price of $14.77.

Flywire Stock Performance

Shares of Flywire stock traded up $0.37 during trading on Monday, reaching $11.21. The company's stock had a trading volume of 1,943,821 shares, compared to its average volume of 1,944,716. The business's 50-day moving average price is $11.10 and its 200-day moving average price is $12.76. The firm has a market cap of $1.36 billion, a PE ratio of 280.25, a P/E/G ratio of 1.86 and a beta of 1.28. Flywire Corporation has a 52 week low of $8.20 and a 52 week high of $23.40. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Flywire (NASDAQ:FLYW - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. The firm had revenue of $128.70 million during the quarter, compared to the consensus estimate of $124.18 million. Flywire had a return on equity of 1.57% and a net margin of 0.97%. The company's revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. Equities analysts forecast that Flywire Corporation will post 0.14 earnings per share for the current year.

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.