Why Flywire Corporation Stock Is Tanking Today

Flywire Corporation FLYW shares are lower Wednesday after the company reported its third-quarter financial reports after the market close on Tuesday.

The Details:

Flywire reported earnings of 8 cents per share, up from a loss of 4 cents per share year-over-year. The company also reported revenue of $123.3 million which beat the $122.071 million estimate.

Several analysts updated their coverage on Flywire following the financial results:

• Truist Securities analyst Andrew Jeffrey maintained Flywire with a Buy and lowered the price target from $40 to $33.
• Wells Fargo analyst Jeff Cantwell maintained Flywire with an Overweight and lowered the price target from $35 to $33.
• Raymond James analyst John Davis maintained Flywire with a Strong Buy and lowered the price target from $44 to $35.

Shares of FLYW are dropping on heavy trading volume Wednesday. According to data from Benzinga Pro, more than 4.8 million shares have been traded in the session, compared to the stock's 100-day average of 1.057 million shares.

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FLYW Price Action: According to Benzinga Pro, Flywire Technologies shares are down by more than 20.17% at $20.17 at the time of publication.

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