Flywire (NASDAQ:FLYW) Stock Price Down 4% - Here's What Happened

Shares of Flywire Co. (NASDAQ:FLYW - Get Free Report) traded down 4% during mid-day trading on Tuesday . The company traded as low as $10.35 and last traded at $10.36. 1,458,767 shares were traded during mid-day trading, a decline of 18% from the average session volume of 1,788,590 shares. The stock had previously closed at $10.79.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada lowered their target price on Flywire from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. B. Riley restated a "buy" rating and set a $17.00 price objective (down previously from $29.00) on shares of Flywire in a research note on Friday, May 2nd. JPMorgan Chase & Co. restated an "underweight" rating and set a $9.00 price objective (down previously from $16.00) on shares of Flywire in a research note on Monday, April 14th. Morgan Stanley lowered their price objective on Flywire from $21.00 to $15.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price objective on 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 research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Flywire has an average rating of "Hold" and a consensus price target of $15.15.

Flywire Trading Up 2.3%

The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 68.20, a PEG ratio of 1.41 and a beta of 1.27. The firm has a 50-day moving average price of $9.87 and a 200-day moving average price of $15.12.

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

Insiders Place Their Bets

In other Flywire news, General Counsel Peter Butterfield sold 5,523 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $10.08, for a total value of $55,671.84. Following the transaction, the general counsel now directly owns 247,561 shares of the company's stock, valued at $2,495,414.88. This represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.90% of the company's stock.

Institutional Trading of Flywire

Several large investors have recently made changes to their positions in FLYW. Raymond James Financial Inc. bought a new stake in shares of Flywire during the 4th quarter worth about $35,579,000. Wellington Management Group LLP bought a new stake in shares of Flywire during the 1st quarter worth about $15,782,000. Voss Capital LP bought a new stake in shares of Flywire during the 4th quarter worth about $30,621,000. Federated Hermes Inc. bought a new stake in shares of Flywire during the 1st quarter worth about $11,733,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Flywire during the 4th quarter worth about $24,363,000. Institutional investors own 95.90% of the company's stock.

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.