Principal Financial Group Inc. Sells 1,045,232 Shares of Flywire Co. (NASDAQ:FLYW)

Principal Financial Group Inc. trimmed its stake in Flywire Co. (NASDAQ:FLYW) by 98.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,314 shares of the company’s stock after selling 1,045,232 shares during the period. Principal Financial Group Inc.’s holdings in Flywire were worth $267,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Amalgamated Bank lifted its stake in shares of Flywire by 3.3% during the fourth quarter. Amalgamated Bank now owns 15,267 shares of the company’s stock valued at $353,000 after acquiring an additional 486 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of Flywire by 3.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 19,884 shares of the company’s stock worth $493,000 after acquiring an additional 702 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Flywire by 16.9% during the fourth quarter. Assetmark Inc. now owns 5,061 shares of the company’s stock worth $117,000 after buying an additional 733 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of 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. Finally, Ascent Group LLC grew its holdings in shares of Flywire by 10.1% during the first quarter. Ascent Group LLC now owns 14,165 shares of the company’s stock worth $351,000 after buying an additional 1,300 shares in the last quarter. 95.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, General Counsel Peter Butterfield sold 1,769 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $31,912.76. Following the transaction, the general counsel now owns 273,517 shares in the company, valued at $4,934,246.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO David R. King sold 3,353 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.04, for a total value of $60,488.12. Following the transaction, the chief technology officer now owns 620,184 shares of the company’s stock, valued at $11,188,119.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Peter Butterfield sold 1,769 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.04, for a total value of $31,912.76. Following the completion of the transaction, the general counsel now directly owns 273,517 shares in the company, valued at approximately $4,934,246.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,966 shares of company stock valued at $480,143. Corporate insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FLYW shares. JPMorgan Chase & Co. increased their price target on Flywire from $18.00 to $21.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Royal Bank of Canada lowered their price objective on Flywire from $34.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. BTIG Research lowered their price objective on Flywire from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Citigroup decreased their price target on Flywire from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Wedbush restated a “neutral” rating and set a $18.00 price objective on shares of Flywire in a research report on Thursday, May 23rd. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.92.

Flywire Price Performance

Shares of NASDAQ:FLYW opened at $17.79 on Friday. Flywire Co. has a 1 year low of $15.19 and a 1 year high of $32.84. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -161.71, a P/E/G ratio of 5.83 and a beta of 0.98. The business’s 50-day moving average is $17.76 and its 200-day moving average is $19.50.

Flywire (NASDAQ:FLYW) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $103.68 million for the quarter, compared to the consensus estimate of $100.30 million. Flywire had a negative return on equity of 1.03% and a negative net margin of 1.85%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.15) earnings per share. Analysts anticipate that Flywire Co. will post 0.06 EPS for the current year.

Flywire Company 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.