First Republic Investment Management Inc., a prominent investment management firm, has significantly increased its holdings in shares of Flywire Co. (NASDAQ:FLYW) during the first quarter of this year. According to the company’s recent 13F filing with the Securities & Exchange Commission, First Republic Investment Management Inc. now owns 926,659 shares of Flywire’s stock, representing a remarkable increase of 404.8%. This translates to an additional acquisition of 743,072 shares during the specified period. At the end of the first quarter, First Republic Investment Management Inc.’s stake in Flywire was valued at an estimated $27,207,000.
Flywire (NASDAQ:FLYW) recently released its quarterly earnings data on August 8th of this year. The company reported an earnings per share (EPS) figure of ($0.15) for the quarter, which was in line with market expectations. Furthermore, Flywire generated revenue amounting to $84.87 million during the same period, exceeding analysts’ projections of $73.53 million. This represents a substantial increase of 50.1% compared to the previous year’s corresponding quarter.
However, it is worth noting that Flywire had a negative net margin of 7.45% and a negative return on equity of 5.35%. Despite these less favorable metrics, research analysts anticipate that Flywire Co.’s EPS for the current fiscal year will be around -0.17.
In other news related to Flywire Co., two top executives within the company recently sold portions of their shares in separate transactions. Chief Technology Officer David R. King sold 996 shares on June 9th at an average price of $32.51 per share, totaling $32,379.96 in value for his sale transaction.
Another notable transaction involved General Counsel Peter Butterfield selling 1,329 shares on June 5th at an average price of $31.30 per share, accumulating a total value of $41,597.70.
Both the Chief Technology Officer and the General Counsel play crucial roles within Flywire Co., and their decision to sell shares may be interpreted for various reasons. However, it is essential to highlight that such insider trading activities were disclosed in legal filings with the Securities & Exchange Commission.
In analyzing these recent transactions, it is interesting to note that insiders have collectively sold 529,253 shares of company stock over the past 90 days, fetching an estimated value of $16,540,782. This signifies that approximately 5.00% of the stock is now owned by corporate insiders.
With First Republic Investment Management Inc.’s significant increase in shareholder holdings and Flywire Co.’s positive revenue growth, investors are likely keeping a close watch on this nascent financial technology company as it continues to establish itself in the market.
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Institutional Investors Show Confidence in Flywire Co. as Stakes Increase in First Quarter
September 3, 2023 – Hedge funds and investment management firms have continued to show interest in Flywire Co., as reflected in recent changes to their stakes in the business. Charles Schwab Investment Management Inc. slightly increased its position in shares of Flywire by 0.5% during the first quarter, acquiring an additional 2,457 shares and bringing its total ownership to 452,505 shares, worth approximately $13,286,000. ExodusPoint Capital Management LP also showed confidence in the company by purchasing a new position valued at about $3,094,000 during the same period.
Furthermore, Natixis Advisors L.P. boosted its stake in Flywire by 154.0% during the first quarter. The firm now owns 28,215 shares of Flywire’s stock valued at $828,000 after adding an additional 17,107 shares to its portfolio. Envestnet Asset Management Inc., on the other hand, significantly grew its holdings with a remarkable increase of 279.1%. They now own 132,713 shares worth $3,896,000.
It is worth noting that institutional investors and hedge funds currently own approximately 92.55% of Flywire’s stock. This high level of ownership demonstrates the confidence these major players have in the future prospects of the company.
On Friday, September 3rd,the stock opened at $34.58 on NASDAQ:FLYW; it has experienced a year-long low of $17.16 and a year-long high of $35.80. These numbers indicate a relatively stable performance for Flywire over the past year.
Looking at key moving averages for the stock can provide insights into its overall trends and price performance. The stock’s 50-day simple moving average currently stands at $31.93 while its 200-day simple moving average is slightly higher at $29.75.
With a market capitalization of approximately $3.88 billion, Flywire Co. is a sizable player in its industry. The company has a price-to-earnings (P/E) ratio of -150.35, reflecting its current financial standing and potential for growth. The stock also carries a beta of 1.13, indicating moderate volatility compared to the overall market.
Several brokerage firms have commented on Flywire’s prospects and provided ratings for the stock. Morgan Stanley increased their price objective from $28.00 to $32.00 and gave the company an “equal weight” rating in a research report released on Wednesday, August 2nd. Royal Bank of Canada raised their price target on Flywire from $34.00 to $43.00 and assigned an “outperform” rating on Wednesday, August 9th.
Citigroup also had positive views on Flywire, boosting their price objective from $40.00 to $43.00 and giving it a “buy” rating in their research report on Thursday, August 10th.
Stephens analysts were equally optimistic about the company, lifting their price target from $34 to $37 and labeling the stock as “overweight” in their research note published on Wednesday, August 9th.
Taking into consideration these evaluations from reputable brokerages, it is clear that investors are favorable towards owning shares of Flywire Co., evident by one investment analyst assigning a hold rating while nine others hold buy ratings and one assigns a strong buy rating.
According to Bloomberg.com, there is an overall consensus among various analysts that Flywire is a solid investment option with a consensus target price of approximately $36.69.
To stay updated with the latest information regarding Flywire Co., investors are encouraged to regularly check our stock reports for real-time updates and comprehensive analysis.
Disclaimer: This article does not constitute financial advice; please conduct your own thorough analysis before making any investment decisions based on the information provided.
