Flywire's Q2 Results Exceed Expectations, Analyst Raises Price Target

By Don Francis, Editor
August 10, 2023 8:48 AM UTC
Flywire's Q2 Results Exceed Expectations, Analyst Raises Price Target

Stephens & Co.'s Charles Nabhan raised their price target on Flywire (NASDAQ: FLYW) by 8.8% from $34 to $37 on August 9, 2023. The analyst maintained their Strong Buy rating on the stock. Nabhan's price target increase comes on the heels of Flywire's solid performance in the second quarter of 2023, which exceeded expectations. The company's Travel and Insurance segments were the primary drivers of this outperformance.

In their report, Nabhan highlighted Flywire's new wins, integrations, and partnerships, while pointing out that the Healthcare segment is expected to accelerate in the second half of the year. For the second quarter of 2023, Flywire reported a loss per share of $0.15, which was in line with the Zacks Consensus Estimate. However, it represented a 31.8% improvement over the loss per share of $0.22 in the same quarter of the previous year.

Flywire's revenues for the second quarter of 2023 stood at $79.5 million, surpassing the Zacks Consensus Estimate of $73.33 million by 8.4% and marking a substantial 54.4% increase from the $51.5 million reported in the second quarter of 2022. The company's adjusted EBITDA for the same period was $(0.1) million.

Looking ahead, Flywire's management provided guidance for the third quarter of 2023, expecting revenues between $121 million and $128 million, and adjusted EBITDA in the range of $24 million to $28 million. For the full year 2023, the company forecasts revenues of $392 million to $408 million, with adjusted EBITDA projected to be $33 million to $39 million.

CEO Mike Massaro expressed his satisfaction with the company's performance, stating, "I am extremely proud to report our excellent Q2 results, which capped off a strong 1H 2023 for us. Our performance and momentum across the business is a testament to the efforts of our global FlyMates who continue to execute against our growth strategies."

Nabhan's price target increase was not the only analyst update on Flywire on August 9, 2023. RBC Capital's Daniel Perlin also raised their price target by 26.5% from $34 to $43 and maintained a Buy rating on the stock. Raymond James's John Davis increased their price target by 22.2% from $36 to $44 and maintained a Strong Buy rating.

It is worth noting that 100% of top-rated analysts currently rate Flywire as a Strong Buy or Buy. No analysts consider it a Hold, and none recommend selling the stock.

Year-over-year, Flywire's stock has shown impressive growth, with a 33% increase. During the same period, it has outperformed the S&P 500, which has risen by 7.9%.

Stephens & Co. analyst Charles Nabhan is ranked in the top 19% of Wall Street analysts by WallStreetZen. With an average return of 8.3% and a win rate of 61.3%, Nabhan specializes in the Industrials, Technology, and Financial Services sectors.

Flywire Corporation, headquartered in Boston, MA, offers a payment platform and network that facilitates payment flows across multiple currencies, payment types, and options. The company provides direct connections to alternative payment methods such as Alipay, Boleto, PayPal/Venmo, and Trustly.

Be the first to know when Wall Street analysts revise their price targets for Flywire

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

Create a free watchlist and be the first to know when top-rated Wall Street analysts revise their Flywire price target.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.