Jennison Associates LLC, an investment management firm that provides a range of investment solutions globally, has reduced its shares in Flywire Co. (NASDAQ:FLYW) by 47.4% as of the fourth quarter of this year. The information was reported in Flywire’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). According to the report, Jennison Associates LLC held 16,762 shares in Flywire after selling 15,110 shares during the covered period. Based on the filing, Jennison Associates LLC’s holdings in Flywire were valued at $410,000.
Flywire Corporation is a payment enablement and software company operating in several countries across Europe and North America. The corporation uses its payment platform and network to help clients collect payments while facilitating their customers’ ability to pay. With a solid revenue stream of $73.05 million for Q4 2020 compared to analysts’ expectations of $65.50 million in revenue, Flywire exceeded consensus estimates for earnings per share by $0.10 despite a negative net margin of 10.30%.
Also worth noting is the company’s strong performance compared to previous years when it produced an EPS per share of ($0.11). This year it is expected to achieve even better results than last year.
The investment industry is closely watching how companies adapt financially in today’s rapidly changing business environment amidst the Covid-19 pandemic and ongoing economic uncertainty worldwide due to global events such as Brexit.
The impacts that unpredictable world events can have on organizations’ financial health are unpredictable but not insurmountable if managed well. While investments are always subject to risks that require investors to take into account both upside potential and downside risk before reaching any investment decisions, detailed financial reports such as Form 13F offer valuable insights into movements among institutional investors that can help guide assessment and decision-making processes.
Despite overall market volatility amidst ongoing global uncertainties, Flywire continues to impress both investors and analysts alike with its solid revenue performance. With growing demand for its payment systems that cater to a broad range of markets, Flywire continues to maintain a strong financial position.
Institutional Investors and Brokers Show Confidence in Flywire Corporation’s Future Growth
Flywire Corporation, a payment enablement and software company, has recently received attention from institutional investors. This follows after several hedge funds have made changes to their positions in the company. Alliancebernstein L.P., Eventide Asset Management LLC, Vanguard Group Inc., BlackRock Inc., and Price T Rowe Associates Inc. MD are among the investors that have increased their holdings in Flywire. These five investors currently own 79.06% of the company’s stock, with Alliancebernstein L.P being the largest shareholder at 5,221,323 shares worth $119,882,000.
On May 11th, director Alex Finkelstein sold 34,060 shares of Flywire’s stock with an average price of $29.50 per share for a total transaction value of $1,004,770.00 after which he held 226,230 shares valued approximately at $6.67 million in total. Additionally, major shareholder Enrique T. Salem sold a significant amount of Flywire stock in a transaction dated Thursday on May 11th’s market activity.
Several brokerages have also issued reports on FLYW with positive reviews and increased target prices including Truist Financial which lifted its target price on shares of Flywire from $30 to $35 giving the company a “buy” rating according to Bloomberg.com’s consensus rating of “Buy” and an averaged consensus target price of $32.
Flywire Corporation was founded as peerTransfer founded by Iker Marcaide in January 2009 which provides global payment and receivable solutions for education institutions around the world making it possible for educational facilities to streamline cross-border tuition payments from students around the world easily and securely.
Overall it appears that Flywire is currently experiencing interest from institutional investors as well as positive outlooks from various brokers highlighting potential growth opportunities moving forward.
Source: beststocks.com
