JPMorgan Chase & Co. Reiterates Underweight Rating for Flywire (NASDAQ:FLYW)

JPMorgan Chase & Co. reaffirmed their underweight rating on shares of Flywire (NASDAQ:FLYW) in a report issued on Monday, Marketbeat reports. The brokerage currently has a $9.00 price target on the stock, down from their previous price target of $16.00.

A number of other equities research analysts also recently weighed in on the stock. Seaport Res Ptn downgraded shares of Flywire from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group decreased their target price on shares of Flywire from $15.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Royal Bank of Canada dropped their price target on Flywire from $25.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Stephens lowered Flywire from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $26.00 to $15.00 in a research report on Wednesday, February 26th. Finally, BTIG Research downgraded Flywire from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.00.

Flywire Price Performance

Shares of FLYW opened at $8.65 on Monday. The firm has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $17.08. Flywire has a one year low of $8.20 and a one year high of $23.40. The company has a market cap of $1.07 billion, a P/E ratio of 57.67, a P/E/G ratio of 1.41 and a beta of 1.22.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). The business had revenue of $112.80 million for the quarter, compared to analyst estimates of $118.85 million. Flywire had a return on equity of 2.49% and a net margin of 4.23%. On average, analysts expect that Flywire will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Peter Butterfield sold 5,523 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $10.08, for a total value of $55,671.84. Following the transaction, the general counsel now owns 247,561 shares in the company, valued at approximately $2,495,414.88. The trade was a 2.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gretchen Howard acquired 8,889 shares of Flywire stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the purchase, the director now owns 30,770 shares in the company, valued at approximately $336,623.80. The trade was a 40.62 % increase in their position. The disclosure for this purchase can be found here. 3.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FLYW. Geode Capital Management LLC grew its stake in Flywire by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,799,486 shares of the company’s stock worth $45,892,000 after purchasing an additional 17,062 shares during the period. Versor Investments LP bought a new position in shares of Flywire during the 4th quarter worth approximately $1,118,000. Y Intercept Hong Kong Ltd grew its position in shares of Flywire by 345.3% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 96,029 shares of the company’s stock worth $1,980,000 after buying an additional 74,465 shares during the period. Sei Investments Co. increased its stake in shares of Flywire by 38.4% in the 4th quarter. Sei Investments Co. now owns 110,144 shares of the company’s stock valued at $2,271,000 after acquiring an additional 30,572 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Flywire by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 12,087,221 shares of the company’s stock valued at $249,238,000 after acquiring an additional 781,711 shares during the period. 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.