Flywire (NASDAQ:FLYW) Shares Gap Down After Analyst Downgrade

Shares of Flywire Co. (NASDAQ:FLYW) gapped down before the market opened on Tuesday after Seaport Res Ptn downgraded the stock from a strong-buy rating to a hold rating. The stock had previously closed at $19.01, but opened at $18.61. Flywire shares last traded at $19.17, with a volume of 74,358 shares.

A number of other equities analysts also recently weighed in on the stock. Citigroup cut their price target on shares of Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $25.00 target price on shares of Flywire in a report on Thursday, January 9th. Wells Fargo & Company downgraded Flywire from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $20.00 to $18.00 in a research report on Friday, October 11th. Morgan Stanley raised their price objective on Flywire from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Flywire from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.36.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its holdings in Flywire by 15.4% in the third quarter. Advisors Asset Management Inc. now owns 4,046 shares of the company’s stock valued at $66,000 after purchasing an additional 539 shares during the last quarter. Bullseye Asset Management LLC boosted its stake in shares of Flywire by 0.7% during the 3rd quarter. Bullseye Asset Management LLC now owns 146,846 shares of the company’s stock valued at $2,407,000 after buying an additional 1,000 shares during the last quarter. Truist Financial Corp grew its position in shares of Flywire by 6.2% during the second quarter. Truist Financial Corp now owns 19,434 shares of the company’s stock worth $319,000 after buying an additional 1,128 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Flywire by 7.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,295 shares of the company’s stock worth $349,000 after buying an additional 1,411 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in Flywire by 12.3% during the 3rd quarter. Captrust Financial Advisors now owns 13,377 shares of the company’s stock valued at $219,000 after acquiring an additional 1,463 shares during the last quarter. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

Flywire Stock Performance

The company’s fifty day simple moving average is $20.94 and its two-hundred day simple moving average is $18.59. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 134.67, a price-to-earnings-growth ratio of 1.47 and a beta of 1.10.

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.