Millennium Management LLC Trims Stock Position in Flywire Co. (NASDAQ:FLYW)

Millennium Management LLC cut its stake in Flywire Co. (NASDAQ:FLYW) by 41.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,385,067 shares of the company’s stock after selling 983,401 shares during the quarter. Millennium Management LLC owned about 1.12% of Flywire worth $22,701,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Flywire in the first quarter worth $46,000. Daiwa Securities Group Inc. purchased a new stake in shares of Flywire in the 2nd quarter worth about $64,000. Advisors Asset Management Inc. increased its stake in shares of Flywire by 45.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,044 shares of the company’s stock worth $76,000 after acquiring an additional 954 shares in the last quarter. Gilliland Jeter Wealth Management LLC lifted its position in Flywire by 104.3% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 11,801 shares of the company’s stock valued at $193,000 after acquiring an additional 6,025 shares during the period. Finally, Dakota Wealth Management bought a new stake in Flywire during the second quarter worth about $199,000. 95.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FLYW has been the subject of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of Flywire from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. B. Riley reissued a “buy” rating and issued a $30.00 target price on shares of Flywire in a report on Wednesday. BTIG Research cut their target price on Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada lowered their price target on Flywire from $34.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Flywire from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flywire has a consensus rating of “Moderate Buy” and a consensus price target of $26.21.

Insider Activity

In related news, COO Rob Orgel sold 4,552 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $82,118.08. Following the transaction, the chief operating officer now owns 477,472 shares of the company’s stock, valued at approximately $8,613,594.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Rob Orgel sold 4,552 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $82,118.08. Following the transaction, the chief operating officer now directly owns 477,472 shares of the company’s stock, valued at approximately $8,613,594.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Massaro sold 8,629 shares of Flywire stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $155,667.16. Following the transaction, the chief executive officer now owns 1,739,351 shares in the company, valued at $31,377,892.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,966 shares of company stock valued at $480,143 in the last quarter. 3.90% of the stock is currently owned by insiders.

Flywire Trading Up 3.4 %

Shares of FLYW stock opened at $16.41 on Friday. The stock has a market capitalization of $2.04 billion, a P/E ratio of -149.18, a P/E/G ratio of 5.42 and a beta of 0.97. The firm’s 50 day moving average is $17.46 and its 200 day moving average is $18.55. Flywire Co. has a 12-month low of $15.19 and a 12-month high of $31.61.

Flywire (NASDAQ:FLYW) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $103.68 million during the quarter, compared to the consensus estimate of $100.30 million. Flywire had a negative return on equity of 1.03% and a negative net margin of 1.85%. The business’s revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.15) EPS. As a group, equities analysts predict that Flywire Co. will post 0.06 earnings per share for the current year.

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.