Renaissance Technologies LLC Buys 466,300 Shares of Flywire Corporation $FLYW

Renaissance Technologies LLC grew its stake in shares of Flywire Corporation (NASDAQ:FLYW) by 110.8% in the first quarter, Holdings Channel reports. The institutional investor owned 887,200 shares of the company’s stock after purchasing an additional 466,300 shares during the period. Renaissance Technologies LLC’s holdings in Flywire were worth $10,327,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Jennison Associates LLC lifted its position in Flywire by 35.2% in the fourth quarter. Jennison Associates LLC now owns 4,420,633 shares of the company’s stock worth $62,596,000 after purchasing an additional 1,150,802 shares during the period. Voss Capital LP increased its holdings in Flywire by 21.5% in the 4th quarter. Voss Capital LP now owns 11,750,000 shares of the company’s stock valued at $166,380,000 after buying an additional 2,080,202 shares during the period. AlphaQuest LLC increased its holdings in Flywire by 372.4% in the 4th quarter. AlphaQuest LLC now owns 105,448 shares of the company’s stock valued at $1,493,000 after buying an additional 83,128 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Flywire by 103.3% in the 4th quarter. BNP Paribas Financial Markets now owns 1,023,958 shares of the company’s stock valued at $14,499,000 after buying an additional 520,256 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of Flywire by 60.6% in the 4th quarter. First Eagle Investment Management LLC now owns 430,337 shares of the company’s stock valued at $6,094,000 after buying an additional 162,348 shares in the last quarter. Institutional investors own 95.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FLYW. Morgan Stanley lifted their price objective on Flywire from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. New Street Research set a $16.00 target price on Flywire in a report on Thursday, May 21st. UBS Group raised their target price on Flywire from $14.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group boosted their price target on Flywire from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Flywire to an “outperform” rating in a research report on Wednesday, May 27th. Eight equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Insider Activity at Flywire

In other Flywire news, COO Rob Orgel sold 178,980 shares of Flywire stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $17.00, for a total value of $3,042,660.00. Following the transaction, the chief operating officer owned 959,061 shares of the company’s stock, valued at approximately $16,304,037. The trade was a 15.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.43, for a total transaction of $77,150.00. Following the completion of the sale, the director directly owned 234,493 shares in the company, valued at $3,618,226.99. This represents a 2.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 410,391 shares of company stock valued at $6,700,493 over the last 90 days. Insiders own 5.00% of the company’s stock.

Flywire Price Performance

FLYW stock opened at $16.01 on Monday. Flywire Corporation has a twelve month low of $10.10 and a twelve month high of $18.98. The company has a market cap of $1.98 billion, a P/E ratio of 69.61, a price-to-earnings-growth ratio of 1.64 and a beta of 1.34. The business’s fifty day moving average is $16.50 and its 200-day moving average is $14.26.

Flywire (NASDAQ:FLYW) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.07. Flywire had a return on equity of 3.78% and a net margin of 4.45%.The company had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $170.24 million. During the same period in the prior year, the business posted ($0.03) EPS. Flywire’s revenue was up 40.9% on a year-over-year basis. Research analysts anticipate that Flywire Corporation will post 0.28 earnings per share for the current fiscal year.

About Flywire

Flywire Corp (NASDAQ: FLYW) is a global payments enablement and software company that specializes in facilitating complex cross-border transactions. Its cloud-based platform streamlines receivables and payer workflows across key verticals including education, healthcare, travel and hospitality, and commercial services. Flywire’s technology integrates with institutional systems to automate payment posting, reconciliation and reporting, aiming to improve the payer experience and accelerate cash flow for its clients.

Founded in 2009 by entrepreneur Iker Marcaide as peerTransfer, the company rebranded as Flywire in 2015.