Flywire Co. (NASDAQ:FLYW) Sees Large Increase in Short Interest

Flywire Co. (NASDAQ:FLYW - Get Free Report) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 4,020,000 shares, an increase of 19.6% from the March 31st total of 3,360,000 shares. Based on an average daily volume of 2,830,000 shares, the days-to-cover ratio is currently 1.4 days. Currently, 3.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

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

Flywire Stock Performance

Shares of FLYW remained flat at $9.57 during mid-day trading on Friday. 1,421,683 shares of the stock traded hands, compared to its average volume of 1,746,588. The company has a fifty day moving average of $9.61 and a 200-day moving average of $16.36. Flywire has a 1-year low of $8.20 and a 1-year high of $23.40. The company has a market capitalization of $1.18 billion, a P/E ratio of 63.80, a price-to-earnings-growth ratio of 1.41 and a beta of 1.22.

Flywire (NASDAQ:FLYW - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). Flywire had a return on equity of 2.49% and a net margin of 4.23%. The business had revenue of $112.80 million for the quarter, compared to analyst estimates of $118.85 million. As a group, research analysts predict that Flywire will post 0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Peter Butterfield sold 5,523 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $10.08, for a total value of $55,671.84. Following the completion of the sale, the general counsel now directly owns 247,561 shares in the company, valued at $2,495,414.88. This represents a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gretchen Howard purchased 8,889 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average cost of $10.94 per share, with a total value of $97,245.66. Following the acquisition, the director now owns 30,770 shares of the company's stock, valued at approximately $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 currently owned by corporate insiders.

Institutional Trading of Flywire

A number of large investors have recently made changes to their positions in FLYW. Dakota Wealth Management grew its holdings in Flywire by 8.7% during the 1st quarter. Dakota Wealth Management now owns 13,334 shares of the company's stock worth $127,000 after acquiring an additional 1,066 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Flywire in the first quarter valued at approximately $255,000. Penserra Capital Management LLC purchased a new position in Flywire in the first quarter valued at approximately $1,574,000. Janney Montgomery Scott LLC raised its holdings in Flywire by 571.3% during the first quarter. Janney Montgomery Scott LLC now owns 77,708 shares of the company's stock worth $738,000 after purchasing an additional 66,133 shares in the last quarter. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Flywire during the 1st quarter worth approximately $950,000. 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.

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