Flywire (NASDAQ:FLYW) Price Target Cut to $25.00

Flywire (NASDAQ:FLYW) had its target price decreased by Royal Bank of Canada from $34.00 to $25.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 38.27% from the stock’s previous close.

A number of other brokerages have also commented on FLYW. BTIG Research cut their price target on shares of Flywire from $34.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Wedbush reiterated a “neutral” rating and set a $18.00 price target on shares of Flywire in a report on Thursday, May 23rd. Wells Fargo & Company cut their price target on shares of Flywire from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday. William Blair reiterated an “outperform” rating on shares of Flywire in a report on Wednesday, May 8th. Finally, UBS Group cut their price target on shares of Flywire from $34.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.50.

Flywire Trading Down 3.4 %

Flywire stock traded down $0.63 during mid-day trading on Wednesday, reaching $18.08. The company had a trading volume of 557,784 shares, compared to its average volume of 1,535,904. Flywire has a fifty-two week low of $15.19 and a fifty-two week high of $35.01. The company has a market cap of $2.25 billion, a P/E ratio of -170.09, a P/E/G ratio of 5.47 and a beta of 0.98. The business has a fifty day simple moving average of $17.12 and a 200 day simple moving average of $20.34.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, August 6th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $103.68 million during the quarter, compared to analyst estimates of $100.30 million. Flywire had a negative net margin of 2.63% and a negative return on equity of 1.56%. The business’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.15) EPS. Research analysts forecast that Flywire will post 0.06 EPS for the current year.

Institutional Investors Weigh In On Flywire

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. increased its stake in Flywire by 7.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,295 shares of the company’s stock valued at $349,000 after purchasing an additional 1,411 shares in the last quarter. William Blair Investment Management LLC increased its stake in Flywire by 125.1% in the second quarter. William Blair Investment Management LLC now owns 11,731,790 shares of the company’s stock valued at $192,284,000 after purchasing an additional 6,519,598 shares in the last quarter. Headlands Technologies LLC increased its stake in Flywire by 82.3% in the second quarter. Headlands Technologies LLC now owns 3,343 shares of the company’s stock valued at $55,000 after purchasing an additional 1,509 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Flywire during the second quarter worth about $64,000. Finally, Arizona State Retirement System increased its position in shares of Flywire by 3.1% during the second quarter. Arizona State Retirement System now owns 30,475 shares of the company’s stock worth $499,000 after acquiring an additional 908 shares in the last quarter. 95.90% of the stock is owned by institutional investors.

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.