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

Flywire Co. (NASDAQ:FLYWGet Rating) gapped down prior to trading on Thursday after Zacks Investment Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $19.40, but opened at $18.26. Flywire shares last traded at $16.96, with a volume of 10,074 shares.

A number of other equities research analysts also recently weighed in on FLYW. Raymond James dropped their price target on shares of Flywire from $39.00 to $33.00 in a research note on Wednesday. Wells Fargo & Company dropped their price target on shares of Flywire from $41.00 to $36.00 in a research note on Wednesday. The Goldman Sachs Group dropped their price target on shares of Flywire from $44.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, April 8th. Sumitomo Mitsui Financial Group assumed coverage on shares of Flywire in a research note on Wednesday, April 13th. They set an “outperform” rating and a $40.00 price target for the company. Finally, Royal Bank of Canada dropped their price target on shares of Flywire from $51.00 to $44.00 and set an “outperform” rating for the company in a research note on Thursday, March 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $40.83.

In other news, CEO Michael Massaro sold 4,830 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The shares were sold at an average price of $25.13, for a total value of $121,377.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Rob Orgel sold 10,000 shares of the stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $30.54, for a total transaction of $305,400.00. Following the transaction, the chief operating officer now owns 126,019 shares of the company’s stock, valued at approximately $3,848,620.26. The disclosure for this sale can be found here. Insiders sold 100,505 shares of company stock valued at $2,946,937 in the last quarter.

Institutional investors and hedge funds have recently made changes to their positions in the stock. FourThought Financial LLC acquired a new position in Flywire during the third quarter worth $54,000. Rockefeller Capital Management L.P. bought a new position in shares of Flywire in the third quarter valued at about $56,000. Citigroup Inc. bought a new position in shares of Flywire in the third quarter valued at about $60,000. Metropolitan Life Insurance Co NY acquired a new position in shares of Flywire in the third quarter valued at about $156,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Flywire in the third quarter valued at about $219,000. Institutional investors and hedge funds own 76.06% of the company’s stock.

The firm has a market capitalization of $2.16 billion and a price-to-earnings ratio of -42.04. The company has a quick ratio of 3.78, a current ratio of 3.78 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $28.03 and its 200 day moving average is $32.34.

Flywire (NASDAQ:FLYWGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The firm had revenue of $64.55 million for the quarter, compared to analyst estimates of $56.83 million. Flywire had a negative return on equity of 4.10% and a negative net margin of 13.72%. The company’s quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.41) earnings per share. On average, analysts expect that Flywire Co. will post -0.13 EPS for the current year.

About Flywire (NASDAQ:FLYW)

Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Canada, and the United Kingdom, and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay.

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