Cibc World Markets Corp Acquires New Position in Flywire Co. (NASDAQ:FLYW)

Cibc World Markets Corp acquired a new stake in shares of Flywire Co. (NASDAQ:FLYW) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,301 shares of the company’s stock, valued at approximately $233,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Flywire during the 4th quarter worth $35,579,000. Jennison Associates LLC grew its position in Flywire by 53.0% in the fourth quarter. Jennison Associates LLC now owns 3,406,312 shares of the company’s stock valued at $70,238,000 after acquiring an additional 1,179,562 shares during the last quarter. Victory Capital Management Inc. raised its stake in Flywire by 73.8% during the fourth quarter. Victory Capital Management Inc. now owns 806,257 shares of the company’s stock worth $16,625,000 after acquiring an additional 342,245 shares in the last quarter. Invenomic Capital Management LP lifted its holdings in shares of Flywire by 100.6% in the third quarter. Invenomic Capital Management LP now owns 680,668 shares of the company’s stock worth $11,156,000 after acquiring an additional 341,411 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Flywire by 3.6% in the 3rd quarter. FMR LLC now owns 9,408,098 shares of the company’s stock valued at $154,199,000 after purchasing an additional 326,120 shares in the last quarter. 95.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FLYW has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut Flywire from a “buy” rating to a “hold” rating and dropped their price target for the company from $26.00 to $16.00 in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their target price on Flywire from $20.00 to $16.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Citigroup reduced their price target on Flywire from $26.00 to $13.00 and set a “buy” rating on the stock in a report on Monday. Seaport Res Ptn lowered shares of Flywire from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, UBS Group lowered shares of Flywire from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $15.00 in a report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.23.

Flywire Price Performance

Shares of NASDAQ:FLYW opened at $10.21 on Wednesday. The business’s 50-day moving average is $15.83 and its 200-day moving average is $17.97. Flywire Co. has a 1 year low of $8.62 and a 1 year high of $25.27. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 68.07, a P/E/G ratio of 1.41 and a beta of 1.17.

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

Insider Buying and Selling at Flywire

In related news, General Counsel Peter Butterfield sold 5,523 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $10.08, for a total value of $55,671.84. Following the completion of the sale, the general counsel now directly owns 247,561 shares of the company’s stock, valued at $2,495,414.88. The trade was a 2.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gretchen Howard purchased 8,889 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were 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 $336,623.80. This trade represents a 40.62 % increase in their position. The disclosure for this purchase can be found here. Insiders own 3.90% of the company’s stock.

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.