Flywire Corp (NASDAQ:FLYW) Chief Executive Officer Michael Massaro has sold a significant portion of his holdings in the company, according to recent filings with the Securities and Exchange Commission. The transactions, which occurred on March 19 and 20, involved the sale of Flywire's common stock for a total value exceeding $2.3 million.
The series of sales began on March 19, with Massaro selling 49,844 shares at a weighted average price of $25.1148, followed by another batch of 18,689 shares at the same price. He continued on March 20, disposing of 16,828 shares at an average price of $25.0565 and then 6,311 shares at the same price level. The prices for these transactions ranged from $24.88 to $25.475, indicating that the sales were executed at various price points within this range.
Following these transactions, Massaro still holds a substantial number of shares directly and indirectly. Notably, some of the shares sold were held indirectly through the Michael P. Massaro 2021 Irrevocable Trust, for which Massaro's spouse is a trustee. Massaro has disclaimed beneficial ownership of these shares, except to the extent of his pecuniary interests.
The disclosure of these sales provides transparency to investors and the market, showcasing the trading activities of Flywire's top executive. The financial details revealed in the filings offer a glimpse into the executive's stock ownership and recent liquidity events, which can be of interest to current and potential shareholders.
InvestingPro Insights
In light of the recent sales by Flywire Corp's CEO, Michael Massaro, it's valuable to consider the company's financial health and market performance for investors monitoring the situation. According to InvestingPro data, Flywire's market capitalization stands at $3.11 billion, with a notable revenue growth of 39.3% in the last twelve months as of Q4 2023. This growth is reflected in the company's gross profit margin, which is a robust 63.45% for the same period.
Despite not being profitable over the last twelve months, Flywire exhibits a strong return over the last month with a 14.26% increase, which aligns with the timing of Massaro's stock sales. This could indicate investor confidence or a market reaction to broader company performance metrics. Additionally, Flywire's liquid assets surpass its short-term obligations, as per InvestingPro Tips, which suggests a stable financial position in the near term.
Investors looking for deeper insights can find additional InvestingPro Tips for Flywire, such as the expectation of net income growth this year and the fact that analysts predict the company will be profitable this year. There are 6 more tips available which could further inform investment decisions. For those interested in accessing these exclusive insights, InvestingPro offers a special promotion: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
It's important to note that while the CEO's sale of shares might raise questions, the company's strong revenue growth and positive short-term financial indicators provide a counterbalance for shareholders evaluating their positions in Flywire.
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