Fred Alger Management LLC Has $15.18 Million Position in Flywire Co. (NASDAQ:FLYW)

Fred Alger Management LLC trimmed its holdings in Flywire Co. (NASDAQ:FLYW) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 926,089 shares of the company’s stock after selling 15,479 shares during the quarter. Fred Alger Management LLC’s holdings in Flywire were worth $15,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in FLYW. William Blair Investment Management LLC lifted its stake in Flywire by 125.1% in the second quarter. William Blair Investment Management LLC now owns 11,731,790 shares of the company’s stock valued at $192,284,000 after buying an additional 6,519,598 shares during the period. Primecap Management Co. CA increased its stake in shares of Flywire by 253.3% in the 2nd quarter. Primecap Management Co. CA now owns 1,962,633 shares of the company’s stock valued at $32,168,000 after acquiring an additional 1,407,180 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Flywire by 19.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 6,226,912 shares of the company’s stock valued at $102,059,000 after acquiring an additional 1,006,516 shares during the period. Point72 Asset Management L.P. bought a new position in Flywire during the second quarter worth $12,642,000. Finally, Blair William & Co. IL grew its holdings in Flywire by 33.4% in the second quarter. Blair William & Co. IL now owns 1,810,719 shares of the company’s stock worth $29,678,000 after purchasing an additional 453,183 shares during the period. Institutional investors own 95.90% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

FLYW has been the topic of a number of research analyst reports. BTIG Research cut their price objective on shares of Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Flywire from $18.00 to $21.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wells Fargo & Company lowered Flywire from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $20.00 to $18.00 in a research report on Friday, October 11th. Raymond James lifted their price target on shares of Flywire from $23.00 to $27.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Finally, Citigroup lowered their price objective 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. Four investment 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. According to data from MarketBeat, Flywire has an average rating of “Moderate Buy” and an average price target of $24.86.

Flywire Stock Performance

NASDAQ:FLYW opened at $22.71 on Friday. Flywire Co. has a 52 week low of $15.19 and a 52 week high of $31.54. The firm has a 50-day moving average price of $18.58 and a two-hundred day moving average price of $17.74. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 151.40, a price-to-earnings-growth ratio of 4.49 and a beta of 0.95.

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.