Jennison Associates LLC Acquires 1,179,562 Shares of Flywire Co. (NASDAQ:FLYW)

Jennison Associates LLC boosted its holdings in Flywire Co. (NASDAQ:FLYW) by 53.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,406,312 shares of the company’s stock after acquiring an additional 1,179,562 shares during the quarter. Jennison Associates LLC owned 2.74% of Flywire worth $70,238,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in shares of Flywire in the second quarter valued at approximately $405,000. The Manufacturers Life Insurance Company lifted its stake in Flywire by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,428 shares of the company’s stock valued at $1,122,000 after acquiring an additional 8,034 shares in the last quarter. Algert Global LLC purchased a new position in Flywire during the 2nd quarter worth $180,000. Creative Planning bought a new stake in shares of Flywire in the 2nd quarter worth $356,000. Finally, Quarry LP purchased a new stake in shares of Flywire in the second quarter valued at about $26,000. Institutional investors and hedge funds own 95.90% of the company’s stock.

Flywire Stock Up 3.2 %

FLYW opened at $19.95 on Tuesday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 133.00, a PEG ratio of 1.46 and a beta of 1.08. The firm has a 50-day moving average price of $20.32 and a 200-day moving average price of $18.84. Flywire Co. has a twelve month low of $15.19 and a twelve month high of $31.54.

Flywire (NASDAQ:FLYW) last issued its earnings results on Thursday, November 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.16. Flywire had a net margin of 4.23% and a return on equity of 2.49%. The business had revenue of $156.82 million for the quarter, compared to analysts’ expectations of $146.44 million. During the same quarter in the previous year, the firm posted $0.08 EPS. On average, sell-side analysts expect that Flywire Co. will post 0.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on FLYW shares. Royal Bank of Canada restated an “outperform” rating and set a $25.00 price target on shares of Flywire in a report on Thursday, January 9th. The Goldman Sachs Group upped their target price on Flywire from $22.00 to $27.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Raymond James lifted their price target on Flywire from $23.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Morgan Stanley upped their price objective on Flywire from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Seaport Res Ptn cut Flywire from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Flywire currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.38.

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.