5 High Growth IT Stocks to Buy

4. Flywire Corporation (NASDAQ:FLYW)

Number of Hedge Fund Holders: 19

Quarterly Revenue Growth YoY as of September 29, 2022: 40.50%

Flywire Corporation (NASDAQ:FLYW) operates as a Massachusetts-based payment enablement and software company in the United States, Canada, and the United Kingdom, and internationally. In Q3 2022, Flywire Corporation (NASDAQ:FLYW)’s revenue of $95.2 million increased 40.5% on a year-over-year basis, beating Wall Street estimates by $7.34 million. It is one of the top high growth IT stocks to invest in. 

On January 20, Truist analyst Andrew Jeffrey raised Flywire Corporation (NASDAQ:FLYW)’s price target from $30 to $35 and maintained a Buy rating on the stock. According to the analyst, investors should pay attention to FinTech companies that are expected to perform well in 2022, but he also thinks that there needs to be a catalyst for those that will outperform in 2023. He believes that mergers and acquisitions are the most probable means of driving valuation. Additionally, the analyst thinks that Flywire Corporation (NASDAQ:FLYW)’s value proposition remains strong, and that it will be difficult for those who are critical of the company to continue to bet against it.

According to Insider Monkey’s third quarter database, 19 hedge funds were bullish on Flywire Corporation (NASDAQ:FLYW), compared to 22 funds in the prior quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is the biggest stakeholder of the company, with 2.25 million shares worth $51.8 million.