Flywire (NASDAQ:FLYW) Given New $33.00 Price Target at Citigroup

Flywire (NASDAQ:FLYW) had its target price cut by equities research analysts at Citigroup from $36.00 to $33.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 92.08% from the company’s current price.

Several other research firms have also weighed in on FLYW. JPMorgan Chase & Co. increased their target price on shares of Flywire from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. The Goldman Sachs Group boosted their target price on Flywire from $29.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Morgan Stanley cut shares of Flywire from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $27.00 to $30.00 in a research note on Friday, March 1st. BTIG Research cut their price objective on shares of Flywire from $34.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Oppenheimer began coverage on shares of Flywire in a research report on Tuesday, January 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flywire presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.20.

Flywire Price Performance

Shares of NASDAQ:FLYW traded down $3.36 during midday trading on Wednesday, reaching $17.18. The company’s stock had a trading volume of 10,555,438 shares, compared to its average volume of 1,619,965. The business’s fifty day simple moving average is $23.59 and its 200-day simple moving average is $23.17. The company has a market capitalization of $2.11 billion, a P/E ratio of -188.53, a P/E/G ratio of 11.18 and a beta of 1.09. Flywire has a fifty-two week low of $15.77 and a fifty-two week high of $35.80.

Flywire (NASDAQ:FLYW) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 company had revenue of $114.10 million for the quarter, compared to the consensus estimate of $107.81 million. During the same period last year, the company earned ($0.03) earnings per share. Flywire’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, analysts forecast that Flywire will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flywire news, General Counsel Peter Butterfield sold 4,730 shares of Flywire stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $27.30, for a total value of $129,129.00. Following the transaction, the general counsel now owns 214,678 shares in the company, valued at $5,860,709.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Flywire news, General Counsel Peter Butterfield sold 4,730 shares of the company’s 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 $129,129.00. Following the completion of the transaction, the general counsel now directly owns 214,678 shares in the company, valued at approximately $5,860,709.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Massaro sold 13,043 shares of Flywire stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $24.07, for a total transaction of $313,945.01. Following the transaction, the chief executive officer now owns 1,655,673 shares in the company, valued at approximately $39,852,049.11. The disclosure for this sale can be found here. Insiders have sold 141,800 shares of company stock worth $3,743,582 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FLYW. Headlands Technologies LLC acquired a new stake in Flywire during the first quarter worth approximately $46,000. Quest Partners LLC acquired a new stake in shares of Flywire during the 4th quarter worth approximately $52,000. RiverPark Advisors LLC grew its position in shares of Flywire by 22.6% during the 4th quarter. RiverPark Advisors LLC now owns 3,195 shares of the company’s stock worth $74,000 after buying an additional 589 shares during the period. Assetmark Inc. increased its stake in shares of Flywire by 16.9% in the 4th quarter. Assetmark Inc. now owns 5,061 shares of the company’s stock valued at $117,000 after acquiring an additional 733 shares in the last quarter. Finally, Handelsinvest Investeringsforvaltning acquired a new position in shares of Flywire during the 4th quarter valued at $176,000. 95.90% of the stock is owned by 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.