Raymond James Financial Inc. Makes New Investment in Flywire Co. (NASDAQ:FLYW)

Raymond James Financial Inc. bought a new position in shares of Flywire Co. (NASDAQ:FLYW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,725,447 shares of the company's stock, valued at approximately $35,579,000. Raymond James Financial Inc. owned 1.39% of Flywire at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Renaissance Group LLC increased its position in shares of Flywire by 29.1% in the fourth quarter. Renaissance Group LLC now owns 201,592 shares of the company's stock worth $4,157,000 after acquiring an additional 45,401 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Flywire by 292.1% in the 4th quarter. Renaissance Technologies LLC now owns 254,400 shares of the company's stock valued at $5,246,000 after purchasing an additional 189,521 shares in the last quarter. Invesco Ltd. raised its position in Flywire by 18.5% in the fourth quarter. Invesco Ltd. now owns 89,451 shares of the company's stock valued at $1,844,000 after purchasing an additional 13,985 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Flywire by 19,292.2% during the fourth quarter. Russell Investments Group Ltd. now owns 29,864 shares of the company's stock worth $616,000 after purchasing an additional 29,710 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Flywire by 8.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 95,300 shares of the company's stock worth $1,965,000 after buying an additional 7,571 shares during the period. 95.90% of the stock is owned by institutional investors and hedge funds.

Flywire Stock Performance

Shares of NASDAQ:FLYW opened at $8.83 on Thursday. Flywire Co. has a 1-year low of $8.20 and a 1-year high of $23.40. The company's fifty day moving average is $12.05 and its two-hundred day moving average is $16.96. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 58.87, a price-to-earnings-growth ratio of 1.41 and a beta of 1.22.

Flywire (NASDAQ:FLYW - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported ($0.12) earnings per share (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 the consensus estimate of $118.85 million. Flywire had a return on equity of 2.49% and a net margin of 4.23%. Sell-side analysts expect that Flywire Co. will post 0.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FLYW has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft downgraded Flywire from a "buy" rating to a "hold" rating and dropped their target price for the company from $26.00 to $16.00 in a report on Wednesday, February 26th. Seaport Res Ptn lowered shares of Flywire from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $9.00 price objective (down previously from $16.00) on shares of Flywire in a report on Monday. BTIG Research downgraded Flywire from a "buy" rating to a "neutral" rating in a research note on Wednesday, February 26th. Finally, Stephens cut Flywire from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $26.00 to $15.00 in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.00.

Insider Buying and Selling

In other news, Director Gretchen Howard purchased 8,889 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average price of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the transaction, the director now owns 30,770 shares of the company's stock, valued at approximately $336,623.80. The trade was a 40.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Peter Butterfield sold 5,523 shares of Flywire stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $10.08, for a total transaction of $55,671.84. Following the completion of the sale, the general counsel now owns 247,561 shares in the company, valued at approximately $2,495,414.88. This represents a 2.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.90% of the stock is owned by company 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.

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