Flywire (NASDAQ:FLYW) Hits New 12-Month Low Following Weak Earnings

Shares of Flywire Co. (NASDAQ:FLYW) hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $11.27 and last traded at $10.53, with a volume of 355523 shares changing hands. The stock had previously closed at $17.64.

The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The firm 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%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FLYW. Stephens lowered Flywire from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $26.00 to $15.00 in a research note on Wednesday. Morgan Stanley dropped their price objective on Flywire from $21.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut shares of Flywire from a “buy” rating to a “hold” rating and reduced their price target for the company from $26.00 to $16.00 in a research report on Wednesday. Seaport Res Ptn downgraded Flywire from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, UBS Group downgraded shares of Flywire from a “buy” rating to a “neutral” rating and reduced their price target for the company from $25.00 to $15.00 in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $20.64.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FLYW. Raymond James Financial Inc. acquired a new position in Flywire during the fourth quarter worth $35,579,000. Voss Capital LP acquired a new position in Flywire during the fourth quarter worth about $30,621,000. Teacher Retirement System of Texas purchased a new stake in shares of Flywire in the fourth quarter valued at about $24,363,000. Jennison Associates LLC grew its position in shares of 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 purchasing an additional 1,179,562 shares during the last quarter. Finally, Wasatch Advisors LP increased its stake in shares of Flywire by 62.1% during the 4th quarter. Wasatch Advisors LP now owns 2,741,644 shares of the company’s stock worth $56,533,000 after purchasing an additional 1,049,888 shares in the last quarter. 95.90% of the stock is owned by hedge funds and other institutional investors.

Flywire Trading Down 37.4 %

The business has a 50 day moving average of $19.40 and a 200-day moving average of $18.92. The stock has a market cap of $1.37 billion, a PE ratio of 73.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.08.

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.