Primecap Management Co. CA Reduces Stock Holdings in Flywire Co. (NASDAQ:FLYW)

Primecap Management Co. CA reduced its holdings in Flywire Co. (NASDAQ:FLYW) by 0.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,959,533 shares of the company’s stock after selling 4,499 shares during the period. Primecap Management Co. CA’s holdings in Flywire were worth $40,406,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FLYW. Raymond James Financial Inc. purchased a new stake in shares of Flywire in the 4th quarter valued at $35,579,000. Jennison Associates LLC boosted its holdings in shares of Flywire by 53.0% in the 4th 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. Westfield Capital Management Co. LP boosted its holdings in shares of Flywire by 19.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 6,226,912 shares of the company’s stock valued at $102,059,000 after acquiring an additional 1,006,516 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Flywire by 73.8% in the 4th quarter. Victory Capital Management Inc. now owns 806,257 shares of the company’s stock valued at $16,625,000 after acquiring an additional 342,245 shares during the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in shares of Flywire by 100.6% in the 3rd quarter. Invenomic Capital Management LP now owns 680,668 shares of the company’s stock valued at $11,156,000 after acquiring an additional 341,411 shares during the last quarter. 95.90% of the stock is owned by hedge funds and other institutional investors.

Flywire Stock Down 0.6 %

Shares of NASDAQ FLYW opened at $10.39 on Wednesday. The firm has a 50-day simple moving average of $16.68 and a 200-day simple moving average of $18.23. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 69.27, a price-to-earnings-growth ratio of 1.41 and a beta of 1.17. Flywire Co. has a 52 week low of $8.62 and a 52 week high of $25.95.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, February 25th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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%. As a group, equities research analysts expect that Flywire Co. will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

FLYW has been the subject of several analyst reports. Raymond James cut shares of Flywire from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $29.00 to $17.00 in a research note on Wednesday, February 26th. Citigroup decreased their target price on shares of Flywire from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley decreased their target price on shares of Flywire from $21.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group cut shares of Flywire from a “buy” rating to a “neutral” rating and decreased their target price for the company from $26.00 to $15.00 in a research note 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 investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Flywire currently has a consensus rating of “Hold” and a consensus target price of $19.23.

Insider Activity at Flywire

In related news, General Counsel Peter Butterfield sold 5,523 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were 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 owns 247,561 shares of the company’s stock, valued at approximately $2,495,414.88. This represents a 2.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gretchen Howard acquired 8,889 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $10.94 per share, with a total value of $97,245.66. Following the acquisition, the director now directly owns 30,770 shares of the company’s stock, valued at $336,623.80. This trade represents 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.

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.