T. Rowe Price Investment Management Inc. Acquires New Position in Flywire Co. (NASDAQ:FLYW)

T. Rowe Price Investment Management Inc. purchased a new stake in shares of Flywire Co. (NASDAQ:FLYW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 893,954 shares of the company's stock, valued at approximately $18,434,000. T. Rowe Price Investment Management Inc. owned 0.72% of Flywire at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Global Retirement Partners LLC bought a new position in shares of Flywire in the 4th quarter worth $30,000. Arcadia Investment Management Corp MI acquired a new stake in Flywire in the 4th quarter worth approximately $48,000. KBC Group NV raised its holdings in shares of Flywire by 64.0% in the fourth quarter. KBC Group NV now owns 4,899 shares of the company's stock worth $101,000 after buying an additional 1,911 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Flywire during the 4th quarter worth about $104,000. Finally, Highland Capital Management LLC purchased a new stake in Flywire during the 4th quarter valued at about $221,000. 95.90% of the stock is owned by hedge funds and other institutional investors.

Flywire Price Performance

Flywire stock remained flat at $9.57 during trading on Friday. The company had a trading volume of 1,421,683 shares, compared to its average volume of 1,746,588. The firm's 50-day moving average price is $9.61 and its 200 day moving average price is $16.35. The firm has a market capitalization of $1.18 billion, a P/E ratio of 63.80, a P/E/G ratio of 1.41 and a beta of 1.22. Flywire Co. has a 52-week low of $8.20 and a 52-week high of $23.40.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. B. Riley reiterated 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. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $9.00 price objective (down previously from $16.00) on shares of Flywire in a research report on Monday, April 14th. Stephens lowered Flywire from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $26.00 to $15.00 in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft downgraded Flywire from a "buy" rating to a "hold" rating and lowered their price target for the stock from $26.00 to $16.00 in a research report on Wednesday, February 26th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Flywire in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $16.00.

Insider Activity

In other Flywire news, General Counsel Peter Butterfield sold 5,523 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $10.08, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gretchen Howard purchased 8,889 shares of Flywire stock in a transaction dated Thursday, February 27th. The stock was bought at an average cost 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 approximately $336,623.80. This trade represents a 40.62 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.90% of the company's stock.

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.