Flywire (NASDAQ:FLYW) Shares Gap Down - Here's Why

Shares of Flywire Co. (NASDAQ:FLYW - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $19.01, but opened at $18.61. Flywire shares last traded at $19.17, with a volume of 74,358 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FLYW shares. Wells Fargo & Company lowered Flywire from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $20.00 to $18.00 in a research report on Friday, October 11th. The Goldman Sachs Group upped their price objective on shares of Flywire from $22.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, December 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Flywire from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, December 2nd. B. Riley reaffirmed a "buy" rating and issued a $30.00 price target on shares of Flywire in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $25.00 price objective on shares of Flywire in a report on Thursday, January 9th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.36.

Flywire Price Performance

The stock's 50 day moving average price is $20.91 and its two-hundred day moving average price is $18.57. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 126.87, a PEG ratio of 3.03 and a beta of 1.10.

Hedge Funds Weigh In On Flywire

Several large investors have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Flywire during the second quarter valued at about $26,000. Headlands Technologies LLC raised its holdings in Flywire by 82.3% in the 2nd quarter. Headlands Technologies LLC now owns 3,343 shares of the company's stock valued at $55,000 after acquiring an additional 1,509 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Flywire in the 2nd quarter worth approximately $64,000. Advisors Asset Management Inc. grew its holdings in shares of Flywire by 15.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,046 shares of the company's stock worth $66,000 after purchasing an additional 539 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Flywire during the third quarter valued at approximately $149,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.

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.