Norges Bank Invests $7.54 Million in Flywire Co. (NASDAQ:FLYW)

Norges Bank acquired a new stake in shares of Flywire Co. (NASDAQ:FLYW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 365,701 shares of the company’s stock, valued at approximately $7,541,000. Norges Bank owned 0.29% of Flywire at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Flywire by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 12,087,221 shares of the company’s stock valued at $249,238,000 after purchasing an additional 781,711 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Flywire by 53.0% during the 4th quarter. Jennison Associates LLC now owns 3,406,312 shares of the company’s stock valued at $70,238,000 after buying an additional 1,179,562 shares in the last quarter. State Street Corp boosted its holdings in Flywire by 5.2% in the 3rd quarter. State Street Corp now owns 2,930,906 shares of the company’s stock worth $48,038,000 after buying an additional 145,894 shares during the period. Geode Capital Management LLC increased its stake in Flywire by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,799,486 shares of the company’s stock worth $45,892,000 after buying an additional 17,062 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Flywire in the 4th quarter worth $35,579,000. 95.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Flywire

In other news, General Counsel Peter Butterfield sold 5,523 shares of Flywire stock in a transaction on Monday, March 10th. The stock was sold at an average price of $10.08, for a total transaction of $55,671.84. Following the completion of the sale, the general counsel now directly owns 247,561 shares in the company, valued at approximately $2,495,414.88. This trade represents a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gretchen Howard purchased 8,889 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the acquisition, the director now owns 30,770 shares of the company’s stock, 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 currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group dropped their price objective on Flywire from $15.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Morgan Stanley dropped their price target on Flywire from $21.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. UBS Group cut shares of Flywire from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $25.00 to $15.00 in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft lowered shares of Flywire from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $16.00 in a research report on Wednesday, February 26th. Finally, BTIG Research cut shares of Flywire from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.92.

Flywire Stock Performance

Shares of Flywire stock opened at $8.65 on Wednesday. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 57.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.22. The stock has a 50 day moving average price of $13.61 and a 200-day moving average price of $17.35. Flywire Co. has a one year low of $8.56 and a one year high of $23.90.

Flywire (NASDAQ:FLYW) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Flywire had a return on equity of 2.49% and a net margin of 4.23%. The firm had revenue of $112.80 million for the quarter, compared to analysts’ expectations of $118.85 million. Sell-side analysts predict that Flywire Co. will post 0.14 earnings per share for the current fiscal year.

Flywire 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.