Royal Bank of Canada Reiterates Outperform Rating for Flywire (NASDAQ:FLYW)

Flywire (NASDAQ:FLYW)‘s stock had its “outperform” rating reaffirmed by Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $25.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 33.55% from the company’s current price.

A number of other analysts also recently commented on the stock. Wells Fargo & Company downgraded shares of 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 report on Friday, October 11th. B. Riley restated a “buy” rating and issued a $30.00 price target on shares of Flywire in a report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on Flywire from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their target price on Flywire from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, The Goldman Sachs Group raised their target price on shares of Flywire from $22.00 to $27.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.29.

Flywire Price Performance

Shares of NASDAQ FLYW traded down $0.54 during trading on Thursday, hitting $18.72. 1,225,819 shares of the company were exchanged, compared to its average volume of 1,170,264. Flywire has a 1 year low of $15.19 and a 1 year high of $31.54. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 124.80, a PEG ratio of 3.03 and a beta of 1.08. The firm’s fifty day moving average price is $20.85 and its 200 day moving average price is $18.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FLYW. Rhumbline Advisers increased its position in Flywire by 15.6% during the second quarter. Rhumbline Advisers now owns 169,434 shares of the company’s stock worth $2,777,000 after purchasing an additional 22,891 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Flywire by 14.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,177,579 shares of the company’s stock worth $19,301,000 after buying an additional 151,126 shares during the last quarter. Arizona State Retirement System raised its position 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 worth $499,000 after buying an additional 908 shares during the period. Daiwa Securities Group Inc. acquired a new position in Flywire in the second quarter valued at $64,000. Finally, Headlands Technologies LLC grew its position in Flywire by 82.3% during the second 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 during the period. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

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.