Fred Alger Management LLC Sells 15,479 Shares of Flywire Co. (NASDAQ:FLYW)

Fred Alger Management LLC cut its holdings in Flywire Co. (NASDAQ:FLYW) by 1.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 926,089 shares of the company’s stock after selling 15,479 shares during the period. Fred Alger Management LLC owned approximately 0.74% of Flywire worth $15,179,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Quarry LP acquired a new position in shares of Flywire during the 2nd quarter worth approximately $26,000. Advisors Asset Management Inc. grew its position in Flywire by 45.6% during the first quarter. Advisors Asset Management Inc. now owns 3,044 shares of the company’s stock worth $76,000 after buying an additional 954 shares in the last quarter. Headlands Technologies LLC increased its stake in Flywire by 82.3% during the 2nd quarter. Headlands Technologies LLC now owns 3,343 shares of the company’s stock worth $55,000 after acquiring an additional 1,509 shares during the period. Daiwa Securities Group Inc. acquired a new position in Flywire in the 2nd quarter valued at $64,000. Finally, SG Americas Securities LLC acquired a new position in Flywire in the 3rd quarter valued at $149,000. 95.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Royal Bank of Canada reduced their target price on Flywire from $34.00 to $25.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Flywire from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Flywire from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $20.00 to $18.00 in a report on Friday, October 11th. Citigroup decreased their price objective on shares of Flywire from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of Flywire from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Flywire has a consensus rating of “Moderate Buy” and an average target price of $24.86.

Flywire Stock Down 2.5 %

Shares of FLYW stock opened at $22.71 on Friday. Flywire Co. has a twelve month low of $15.19 and a twelve month high of $31.54. The stock’s fifty day simple moving average is $18.58 and its 200 day simple moving average is $17.74. The firm has a market capitalization of $2.83 billion, a P/E ratio of 151.40, a P/E/G ratio of 4.49 and a beta of 0.95.

Insider Activity

In other Flywire news, COO Rob Orgel sold 3,824 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $17.31, for a total value of $66,193.44. Following the completion of the transaction, the chief operating officer now directly owns 473,648 shares in the company, valued at approximately $8,198,846.88. This represents a 0.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO David R. King sold 3,353 shares of Flywire stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total transaction of $60,488.12. Following the transaction, the chief technology officer now owns 620,184 shares in the company, valued at approximately $11,188,119.36. This trade represents a 0.54 % decrease in their position. 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 corporate insiders.

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.