Fred Alger Management LLC Has $15.43 Million Position in Flywire Co. (NASDAQ:FLYW)

Fred Alger Management LLC lessened its holdings in shares of Flywire Co. (NASDAQ:FLYW) by 23.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 941,568 shares of the company’s stock after selling 283,842 shares during the period. Fred Alger Management LLC owned 0.76% of Flywire worth $15,432,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Headlands Technologies LLC bought a new position in shares of Flywire in the 1st quarter worth $46,000. Quest Partners LLC bought a new stake in Flywire in the fourth quarter valued at about $52,000. Advisors Asset Management Inc. lifted its stake in Flywire by 45.6% in the first quarter. Advisors Asset Management Inc. now owns 3,044 shares of the company’s stock valued at $76,000 after buying an additional 954 shares during the period. Daiwa Securities Group Inc. bought a new position in Flywire during the second quarter worth about $64,000. Finally, Assetmark Inc. grew its position in shares of Flywire by 16.9% during the 4th quarter. Assetmark Inc. now owns 5,061 shares of the company’s stock worth $117,000 after buying an additional 733 shares during the period. Institutional investors and hedge funds own 95.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FLYW shares. Royal Bank of Canada cut their price target on shares of Flywire from $34.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Citigroup cut their target price on shares of Flywire from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wells Fargo & Company reduced their price target on shares of Flywire from $25.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Flywire from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, BTIG Research dropped their price objective on Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.92.

Insider Transactions at Flywire

In related news, General Counsel Peter Butterfield sold 1,769 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $31,912.76. Following the completion of the transaction, the general counsel now owns 273,517 shares of the company’s stock, valued at $4,934,246.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Rob Orgel sold 3,824 shares of Flywire stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $17.31, for a total value of $66,193.44. Following the sale, the chief operating officer now owns 473,648 shares of the company’s stock, valued at $8,198,846.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Peter Butterfield sold 1,769 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $31,912.76. Following the transaction, the general counsel now directly owns 273,517 shares of the company’s stock, valued at $4,934,246.68. The disclosure for this sale can be found here. Insiders have sold a total of 26,966 shares of company stock valued at $480,143 over the last 90 days. 3.90% of the stock is owned by corporate insiders.

Flywire Price Performance

FLYW opened at $16.35 on Thursday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of -148.62, a P/E/G ratio of 5.42 and a beta of 0.98. The business’s 50-day moving average price is $17.68 and its two-hundred day moving average price is $18.91. Flywire Co. has a 1 year low of $15.19 and a 1 year high of $32.84.

Flywire (NASDAQ:FLYW) last announced its earnings results on Tuesday, August 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Flywire had a negative net margin of 1.85% and a negative return on equity of 1.03%. The firm had revenue of $103.68 million during the quarter, compared to analyst estimates of $100.30 million. During the same period in the prior year, the business posted ($0.15) EPS. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. Sell-side analysts anticipate that Flywire Co. will post 0.06 earnings per share for the current fiscal year.

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.