Summit Global Investments Invests $440,000 in Flywire Co. (NASDAQ:FLYW)

Summit Global Investments acquired a new stake in shares of Flywire Co. (NASDAQ:FLYW) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 21,355 shares of the company’s stock, valued at approximately $440,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of FLYW. Raymond James Financial Inc. bought a new position in shares of Flywire in the fourth quarter worth $35,579,000. Teacher Retirement System of Texas bought a new position in Flywire in the 4th quarter worth about $24,363,000. Jennison Associates LLC raised 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 in the last quarter. Victory Capital Management Inc. boosted its position in shares of Flywire by 73.8% during 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 grew its holdings in shares of Flywire by 100.6% during the third quarter. Invenomic Capital Management LP now owns 680,668 shares of the company’s stock worth $11,156,000 after purchasing an additional 341,411 shares in the last quarter. Institutional investors own 95.90% of the company’s stock.

Flywire Price Performance

FLYW opened at $10.06 on Tuesday. The stock’s 50 day simple moving average is $16.00 and its 200 day simple moving average is $18.02. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 67.07, a PEG ratio of 1.41 and a beta of 1.17. Flywire Co. has a 1 year low of $8.62 and a 1 year high of $25.27.

Flywire (NASDAQ:FLYW) last issued its earnings results on Tuesday, February 25th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Flywire had a return on equity of 2.49% and a net margin of 4.23%. The firm had revenue of $112.80 million during the quarter, compared to the consensus estimate of $118.85 million. As a group, sell-side analysts anticipate that Flywire Co. will post 0.14 EPS for the current year.

Analyst Ratings Changes

FLYW has been the subject of several research analyst reports. UBS Group lowered shares of Flywire from a “buy” rating to a “neutral” rating and dropped their target price for the company from $25.00 to $15.00 in a research report on Wednesday, February 26th. Citigroup cut their target price on shares of Flywire from $26.00 to $13.00 and set a “buy” rating for the company in a research report on Monday. The Goldman Sachs Group downgraded Flywire from a “buy” rating to a “neutral” rating and lowered their price target for the company from $26.00 to $15.00 in a research report on Wednesday, February 26th. Morgan Stanley cut their price objective on Flywire from $21.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Finally, Seaport Res Ptn cut Flywire from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 14th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Flywire currently has an average rating of “Hold” and an average target price of $18.23.

Insiders Place Their Bets

In other Flywire news, General Counsel Peter Butterfield sold 5,523 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $10.08, for a total transaction of $55,671.84. Following the completion of the transaction, the general counsel now owns 247,561 shares of the company’s stock, valued at $2,495,414.88. This represents a 2.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gretchen Howard acquired 8,889 shares of the business’s 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 in the company, valued at approximately $336,623.80. The trade was a 40.62 % increase in their position. The disclosure for this purchase can be found here. Insiders own 3.90% of the company’s stock.

Flywire 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.