Flywire Corp executive sells over $31k in stock

Flywire Corp's (NASDAQ:FLYW) General Counsel and Chief Compliance Officer, Peter Butterfield, has sold 1,769 shares of the company's voting common stock, generating over $31,000 from the transaction. The shares were sold at a price of $18.043 each.

According to the latest SEC filing, the stock sale occurred on September 3, 2024, and was executed to cover tax withholding obligations related to the settlement of certain time-based restricted stock unit awards. Following the sale, Butterfield still holds 273,517 shares of Flywire Corp. The transaction was automatic and non-discretionary, indicating that it was pre-scheduled and not based on the executive's discretion at the time of the sale.

Investors often monitor insider transactions as they can provide insights into an executive's view of the company's future prospects. However, sales made to cover tax obligations are generally seen as routine and less indicative of such views.

Flywire Corp, headquartered in Boston, Massachusetts, specializes in business services and operates in the trade and services sector. The company, formerly known as peerTransfer Corp, has been incorporated in Delaware and has its fiscal year ending on December 31.

In other recent news, Flywire Corporation reported a strong performance in the second quarter of 2024. The company's revenue, excluding ancillary services, increased by 26% year-over-year to $99.9 million, and an adjusted gross profit of $63.4 million was recorded. The adjusted EBITDA also saw a substantial rise, reaching $5.8 million, a year-over-year increase of $5.9 million.

Flywire also announced its acquisition of Invoiced, a SaaS platform for B2B accounts receivable, and initiated a $150 million share buyback program. Despite facing challenges in the Canadian market, Flywire exceeded its adjusted EBITDA guidance and raised its full-year adjusted EBITDA margin expectations.

Seaport Global Securities maintained a Buy rating on Flywire, providing a range of scenarios for the company's performance in 2025, including Base, Bear, and Bull Cases. The firm also highlighted Flywire's robust growth outside of Canada, which forms the majority of the company's overall revenue.

These recent developments suggest a positive outlook for Flywire, with expectations for revenue and adjusted EBITDA to continue rising in 2024. Despite temporary setbacks in the Canadian market, the company's strategic growth pillars have led to a pipeline growth exceeding 50% year-over-year, particularly in the travel vertical, which saw over 55% growth year-over-year.

InvestingPro Insights

As Flywire Corp (NASDAQ:FLYW) navigates through its fiscal year, the recent insider transaction by General Counsel and Chief Compliance Officer Peter Butterfield has brought some attention to the company's stock performance. In light of this event, it's valuable to consider the latest metrics and analyst insights provided by InvestingPro.

InvestingPro Data shows that Flywire Corp has a market capitalization of $2.19 billion, reflecting its size and scale within the business services sector. Despite the company's significant revenue growth of 27.09% over the last twelve months as of Q2 2024, the stock has experienced a substantial price decline of 34.42% over the past six months. This decline is also reflected in the year-to-date price total return, which stands at -24.92%. Yet, analysts have a positive outlook for the company, with a fair value estimation of $22, suggesting potential upside from the previous close price of $17.38.

Two InvestingPro Tips that are particularly relevant to Flywire's current financial health include the expectation for net income growth this year and the fact that the company's liquid assets exceed its short-term obligations. These insights suggest that Flywire is in a position to potentially improve its profitability and has a stable financial footing for meeting immediate liabilities.

For investors and analysts looking for deeper insights, InvestingPro offers additional tips on Flywire Corp, which can be accessed at https://www.investing.com/pro/FLYW. These tips provide a more comprehensive understanding of the company's financial health and future prospects, offering valuable information for making informed investment decisions.

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