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Several Reasons to Sell Flywire Corporation (FLYW)

Soumya Eswaran
·2 min de leitura

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Flywire Corporation (NASDAQ:FLYW), in the first quarter 2024 investor letter. Flywire Corporation (NASDAQ:FLYW) is a payments enablement and software company. The one-month return of Flywire Corporation (NASDAQ:FLYW) was -11.24%, and its shares lost 51.94% of their value over the last 52 weeks. On June 18, 2024, Flywire Corporation (NASDAQ:FLYW) stock closed at $15.39 per share with a market capitalization of $1.903 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Flywire Corporation (NASDAQ:FLYW) in its first quarter 2024 investor letter:

"Completely exiting the Financials sector was Flywire Corporation (NASDAQ:FLYW), a payments enablement and software company. Their technology is embedded within accounts receivable workflows across the education, health care, travel, and business-to-business industries. We decided to sell out of the position for a multitude of reasons. These included a secondary equity offering without a deal in hand, the CFO announced he was leaving the company, insiders continued to sell shares, and we did not gain comfort that last quarter’s shortcomings were only temporary. That stock was down -12% while held during the quarter."

A digital tablet presenting various payment options alongside an educational lecture on the benefits of diverse capabilities.

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Flywire Corporation (NASDAQ:FLYW) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Flywire Corporation (NASDAQ:FLYW) at the end of the first quarter which was 28 in the previous quarter. While we acknowledge the potential of Flywire Corporation (NASDAQ:FLYW) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

TimesSquare Capital U.S. Small Cap Growth Strategy commented about Flywire Corporation (NASDAQ:FLYW) in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.