Flywire (NASDAQ:FLYW) Price Target Cut to $33.00 by Analysts at Citigroup

Flywire (NASDAQ:FLYW - Free Report) had its price target cut by Citigroup from $36.00 to $33.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

FLYW has been the topic of several other research reports. The Goldman Sachs Group increased their price target on Flywire from $29.00 to $34.00 and gave the company a buy rating in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Flywire in a report on Tuesday, February 6th. They set a buy rating and a $27.00 price target on the stock. Oppenheimer initiated coverage on Flywire in a research report on Tuesday, January 23rd. They set an outperform rating and a $25.00 target price for the company. UBS Group reduced their price target on Flywire from $34.00 to $26.00 and set a buy rating on the stock in a report on Wednesday. Finally, BTIG Research cut their price objective on Flywire from $34.00 to $27.00 and set a buy rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $32.20.

Flywire Stock Performance

NASDAQ:FLYW traded down $3.30 during trading hours on Wednesday, reaching $17.24. The stock had a trading volume of 11,780,750 shares, compared to its average volume of 1,637,159. The stock has a market capitalization of $2.12 billion, a PE ratio of -188.53, a PEG ratio of 11.18 and a beta of 1.09. Flywire has a 52 week low of $15.77 and a 52 week high of $35.80. The company has a 50 day moving average price of $23.59 and a two-hundred day moving average price of $23.17.

Flywire (NASDAQ:FLYW - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). Flywire had a negative net margin of 2.13% and a negative return on equity of 1.35%. The business had revenue of $114.10 million for the quarter, compared to analysts' expectations of $107.81 million. During the same period in the previous year, the company earned ($0.03) EPS. Flywire's revenue for the quarter was up 20.9% compared to the same quarter last year. Equities research analysts predict that Flywire will post 0.03 EPS for the current year.

Insider Activity at Flywire

In other news, CEO Michael Massaro sold 28,822 shares of the business's stock in a transaction on Monday, March 4th. The stock was sold at an average price of $27.30, for a total value of $786,840.60. Following the completion of the transaction, the chief executive officer now directly owns 1,743,032 shares of the company's stock, valued at approximately $47,584,773.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Michael Massaro sold 28,822 shares of Flywire stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $27.30, for a total value of $786,840.60. Following the transaction, the chief executive officer now owns 1,743,032 shares of the company's stock, valued at approximately $47,584,773.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO David R. King sold 9,366 shares of the business's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $27.30, for a total transaction of $255,691.80. Following the transaction, the chief technology officer now owns 621,568 shares of the company's stock, valued at approximately $16,968,806.40. The disclosure for this sale can be found here. Insiders have sold a total of 141,800 shares of company stock valued at $3,743,582 over the last ninety days. 5.00% of the stock is owned by company insiders.

Institutional Trading of Flywire

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Flywire by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,761,286 shares of the company's stock valued at $249,124,000 after purchasing an additional 243,523 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Flywire by 8.8% in the 1st quarter. William Blair Investment Management LLC now owns 5,212,192 shares of the company's stock valued at $129,314,000 after acquiring an additional 419,549 shares during the period. Westfield Capital Management Co. LP raised its stake in Flywire by 24.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 4,386,731 shares of the company's stock worth $101,553,000 after acquiring an additional 872,619 shares during the last quarter. Eventide Asset Management LLC raised its stake in Flywire by 3.2% in the 4th quarter. Eventide Asset Management LLC now owns 4,203,264 shares of the company's stock worth $97,306,000 after acquiring an additional 131,996 shares during the last quarter. Finally, Fred Alger Management LLC lifted its position in Flywire by 3.2% during the 3rd quarter. Fred Alger Management LLC now owns 3,479,847 shares of the company's stock worth $110,972,000 after acquiring an additional 108,749 shares during the period. Institutional investors and hedge funds own 95.90% of the company's stock.

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.