Short Interest in Flywire Co. (NASDAQ:FLYW) Declines By 11.5%

Flywire Co. (NASDAQ:FLYW) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 6,170,000 shares, a decline of 11.5% from the October 15th total of 6,970,000 shares. Based on an average daily volume of 1,090,000 shares, the days-to-cover ratio is presently 5.7 days. Approximately 5.2% of the shares of the stock are sold short.

Insider Transactions at Flywire

In related news, CEO Michael Massaro sold 8,629 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $155,667.16. Following the completion of the transaction, the chief executive officer now owns 1,739,351 shares of the company’s stock, valued at approximately $31,377,892.04. This trade represents a 0.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO David R. King sold 3,353 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $60,488.12. Following the sale, the chief technology officer now directly owns 620,184 shares in the company, valued at $11,188,119.36. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,966 shares of company stock valued at $480,143. 3.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its stake in Flywire by 15.4% in the third quarter. Advisors Asset Management Inc. now owns 4,046 shares of the company’s stock valued at $66,000 after purchasing an additional 539 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Flywire by 3.1% in the 2nd quarter. Arizona State Retirement System now owns 30,475 shares of the company’s stock valued at $499,000 after buying an additional 908 shares in the last quarter. Bullseye Asset Management LLC grew its position in shares of Flywire by 0.7% in the 3rd quarter. Bullseye Asset Management LLC now owns 146,846 shares of the company’s stock worth $2,407,000 after buying an additional 1,000 shares during the last quarter. Truist Financial Corp lifted its position in Flywire by 6.2% during the second quarter. Truist Financial Corp now owns 19,434 shares of the company’s stock valued at $319,000 after acquiring an additional 1,128 shares during the last quarter. Finally, Ascent Group LLC lifted its position in Flywire by 10.1% during the first quarter. Ascent Group LLC now owns 14,165 shares of the company’s stock valued at $351,000 after acquiring an additional 1,300 shares during the last quarter. 95.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FLYW. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Flywire from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. B. Riley reiterated a “buy” rating and issued a $30.00 target price on shares of Flywire in a research note on Wednesday, October 2nd. Royal Bank of Canada decreased their target price on Flywire from $34.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup cut their price target on shares of Flywire from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Raymond James lifted their price objective on shares of Flywire from $23.00 to $27.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

Flywire Stock Up 0.7 %

Shares of NASDAQ:FLYW opened at $21.93 on Friday. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 146.20, a price-to-earnings-growth ratio of 4.23 and a beta of 0.95. The firm has a 50 day moving average of $17.63 and a 200 day moving average of $17.50. Flywire has a 52 week low of $15.19 and a 52 week high of $31.54.

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.