Peter Butterfield, the General Counsel and Chief Compliance Officer of Flywire Corp (NASDAQ:FLYW), has recently sold a significant number of shares in the company. According to the latest filings, Butterfield sold 5,921 shares at a weighted average price of $18.21, with the transactions occurring in a range between $17.99 and $18.62. The total value of the shares sold amounts to approximately $107,824.
This sale has adjusted Butterfield’s total holdings in Flywire Corp to 275,286 shares, which includes an additional 550 shares acquired under the company's Employee Stock Purchase Plan, as noted in the footnotes of the filing.
Investors often monitor insider transactions as they may provide insights into the executive's view of the company's current valuation and future prospects. However, it is important to note that there can be various reasons for an insider to sell shares, and such transactions do not always necessarily indicate a lack of confidence in the company.
Flywire Corp is a global payment and receivables solutions firm, based in Boston, Massachusetts. It is incorporated in Delaware and has been known under its current name since a name change from peerTransfer Corp in 2013. The company operates within the business services sector, providing its services to various industries including education, healthcare, and travel.
Investors and stakeholders of Flywire Corp can request more detailed information about the transactions from Peter Butterfield if needed, as he has agreed to provide full information regarding the number of securities sold at each separate price within the range stated in the filing.
In other recent news, Flywire Corporation reported strong financial results for the second quarter of 2024, with a 26% year-over-year increase in revenue, excluding ancillary services, to $99.9 million. The adjusted gross profit mirrored this growth at $63.4 million, and the adjusted EBITDA also saw a significant increase, reaching $5.8 million. The company's strategic initiatives included the acquisition of Invoiced, a SaaS platform for B2B accounts receivable, and the announcement of a $150 million share buyback program. Despite challenges in the Canadian market, Flywire surpassed its adjusted EBITDA guidance and raised its full-year adjusted EBITDA margin expectations. The company expects revenue less ancillary services and adjusted EBITDA to continue increasing in full year 2024 and Q3 2024. Despite facing some headwinds in Canada, the company remains optimistic about its long-term growth potential in the region. These are some of the recent developments in the company.
InvestingPro Insights
Peter Butterfield's recent sale of Flywire Corp shares comes at a time when the company is navigating through a challenging financial landscape. According to InvestingPro data, Flywire Corp currently has a market capitalization of $2.21 billion. Despite the negative Price to Earnings (P/E) ratio of -265.37, which suggests that the company has been unprofitable over the last twelve months, the outlook seems to be improving. Analysts predict that Flywire will be profitable this year, as evidenced by a notable 27.09% revenue growth over the last twelve months as of Q2 2024. This optimism is further bolstered by the fact that three analysts have recently revised their earnings estimates upwards for the upcoming period.
The company's financial health is also underscored by the fact that its liquid assets exceed its short-term obligations, providing it with a cushion to manage its finances in the near term. However, it is important to note that Flywire does not pay a dividend to shareholders, which may influence the investment strategies of income-focused investors.
For those looking to delve deeper into the financial nuances of Flywire Corp, additional insights are available. InvestingPro features several more InvestingPro Tips on the company, which can be accessed for more detailed analysis and data points that could guide investment decisions. In total, there are 6 additional tips listed on InvestingPro for Flywire Corp, covering a range of financial metrics and forecasts.
Investors considering Flywire Corp as part of their portfolio may find these insights particularly valuable, especially when assessing the company's potential for growth and profitability in the near future. The next earnings date is set for November 5, 2024, which will likely provide further clarity on the company's financial trajectory and operational performance.
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