Business News

Flywire Co. (NASDAQ:FLYW) CFO Sells $363,120.00 in Stock

Flywire Co. (NASDAQ:FLYW – Get Free Report) CFO Michael G. Ellis sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.26, for a total value of $363,120.00. Following the transaction, the chief financial officer now owns 226,459 shares of the company’s stock, valued at $6,852,649.34. The sale was disclosed in a legal filing with the SEC, which is available on the SEC website.

Flywire Stock Performance

NASDAQ:FLYW opened at $32.73 on Friday. The stock’s fifty day moving average is $30.68 and its 200 day moving average is $28.18. Flywire Co. has a fifty-two week low of $17.16 and a fifty-two week high of $33.39. The firm has a market capitalization of $3.63 billion, a PE ratio of -109.10 and a beta of 1.11.

Flywire (NASDAQ:FLYW – Get Free Report) last released its quarterly earnings results on Tuesday, May 9th. The company reported earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Flywire had a negative return on equity of 6.89% and a negative net margin of 10.30%. The company had revenue of $89.10 million for the quarter, compared to analyst estimates of $82.69 million. Equities analysts forecast that Flywire Co. will post -0.14 EPS for the current year.

Institutional Trading of Flywire

Want More Great Investment Ideas?

A number of hedge funds and other institutional investors have recently bought and sold shares of FLYW. Fred Alger Management LLC increased its stake in Flywire by 438.7% in the first quarter. Fred Alger Management LLC now owns 2,456,799 shares of the company’s stock worth $72,132,000 after purchasing an additional 2,000,717 shares during the period. Vanguard Group Inc. increased its stake in Flywire by 29.0% in the third quarter. Vanguard Group Inc. now owns 7,281,361 shares of the company’s stock worth $167,179,000 after purchasing an additional 1,635,222 shares during the period. GW&K Investment Management LLC increased its stake in Flywire by 165.7% in the fourth quarter. GW&K Investment Management LLC now owns 2,178,521 shares of the company’s stock worth $53,309,000 after purchasing an additional 1,358,639 shares during the period. Schonfeld Strategic Advisors LLC increased its stake in Flywire by 2,255.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,353,373 shares of the company’s stock worth $33,117,000 after purchasing an additional 1,295,916 shares during the period. Finally, TimesSquare Capital Management LLC purchased a new stake in Flywire in the fourth quarter worth $24,705,000. Hedge funds and other institutional investors own 86.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FLYW shares. Bank of America upped their price target on Flywire from $32.00 to $36.00 in a research note on Wednesday, May 10th. Wells Fargo & Company upped their price target on Flywire from $39.00 to $41.00 in a research note on Friday, June 2nd. Stephens upped their price target on Flywire from $32.00 to $34.00 in a research note on Wednesday, May 10th. The Goldman Sachs Group upped their price target on Flywire from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, April 13th. Finally, B. Riley initiated coverage on Flywire in a research note on Friday, June 23rd. They issued a “buy” rating and a $38.00 target price for the company. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $33.09.

About Flywire

(Get Free Report)

Flywire Corporation, together with its subsidiaries, operates as a payments enablement and software company in the United States and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay. The company’s platform facilitates payment flows across multiple currencies, payment types, and payment options; and provides direct connections to alternative payment methods, such as Alipay, Boleto, PayPal/Venmo, and Trustly.

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Insider Buying and Selling by Quarter for Flywire (NASDAQ:FLYW)

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Terminating Your Physician Employment Agreement

Many of our physician clients are unaware of their termination rights prior to meeting with us.

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If you want to terminate your employment, the first thing you need to do is read your contract.

Most physician employment agreements have substantial termination provisions. You need to know what yours says regarding termination with and without cause, what notice is required, and what other provisions will be triggered by termination.

Many times, employment agreements have an expiration date. For example, if the contract is a three year agreement with an effective date of January 1, 2023 the contract will expire on December 31, 2025. However, it is essential to be aware of any automatic renewal provisions. Some contracts require advance notice on the part of the physician to prevent the automatic renewal.

We also see many extensive provisions for termination without cause. Not all contracts include a termination without cause provision. A termination without cause provision allows you to terminate the contract for any reason or no reason at all. There is usually a requirement to provide written notice in advance, sometimes thirty days prior to termination, sometimes longer.

There are also often termination for cause provisionswhich will list reasons that enable physician to terminate the contract before the expiration date.

No matter the reason for termination, there may be other clauses that will be triggered. It is essential to carefully review every provision of your contract with your attorney to know what consequences or obligations may be triggered.

For example, if you have a non-compete provision, that may be triggered by any termination. There may also be other provisions that can be triggered such as repayment provisions, confidential information provisions, and more.

It is essential to read the entirety of the contract to know the consequences you will face if you terminate your employment agreement.

You also want to loop your attorney in early, so that they can help you understand the ramifications, but also so they can help you approach your employer appropriately. You may want to ask your employer to waive certain provisions and your attorney can help you draft any related amendments.

We help our clients understand their contracts, potential consequences, and best routes for termination.

If you have questions or need help with your healthcare contract or your termination clause, contact Rickard & Associates today.

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What is an Irrevocable Trust?

A trust is an estate planning tool that allows a person to control their assets during their lifetime and make provisions for incapacity and death. Many trusts are revocable, however, irrevocable trusts can be an incredibly useful way to plan for your future.

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One thing you should know about irrevocable trusts is that, unlike revocable or living trusts, irrevocable trusts cannot be changed or amended. They are set in stone.

A second thing that you should know about irrevocable trusts is that they have significant advantages and unique disadvantages.

Irrevocable trusts are often used as a person advances in age. Once they know that their circumstances are unlikely to change, we sometimes recommend the use of an irrevocable trust for their estate plan.

Why would someone want an estate plan that they cannot change?

Irrevocable trusts offer many advantages. These include:

  • They can prevent loss of assets if long-term care is necessary,
  • Reduction of estate tax complications and reduction of taxes,
  • protection against creditors,
  • They can utilize special features to build wealth for future generations,
  • and more.

However, there are many drawbacks of an irrevocable trust as well. Some of these include:

  • They cannot be changed, so no revisions will be allowed,
  • They can be costly to draft,
  • A tax return will need to be filed each year, and
  • There is loss of control.

The third thing that you should know about irrevocable trusts is that many of the drawbacks can be remedied by careful drafting.

We help our clients decide if an irrevocable living trust is right for them. If it is we find ways to draft around potential issues and downsides, such as putting in language allowing the grantor to replace the trustee if they are not acting appropriately.

Let us know if you have questions as to whether an irrevocable living trust is right for you or your loved ones.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Contact us today with all your legal needs!

Morning Business Report: Bud Light contractor to shut down two bottling plants – 41NBC News

A major contractor for Ahneuser-Busch, the maker of Bud Light, is shutting down two of its glass bottling plants in the United States. The Ardagh Group is one of the largest glass producers in the world, with over 100 plants in operation. These shut downs come after a decline in sales, following the marketing partnership between Bud Light and trans influencer Dylan Mulvaney. According to the New York Post, workers at both plants noticed a decrease in production amid the backlash. The two plants slated to shut down are located in South Carolina and Louisiana. About 600 employees will be laid off.

From the start of 2023 through June 30, the domestic box office has tallied $4.5 billion in movie ticket sales. Although that’s a 20% increase over the same time period in 2022, it still lags behind pre-pandemic 2019. But, we’re only through the first half of the year. Box office experts noted that the second half of 2023 still has several big releases coming up, including “Barbie”, “Oppenheimer”, “The Exorcist: Believer”, and “Dune: Part Two”.

Stocks edged higher in a shortened trading session Monday.
The US stock market was closed yesterday for Independence Day.

The Barbie movie has found itself in the middle of a political firestorm abroad. Vietnam has banned the film for using a map that depicts the South China Sea. Both China and Vietnam have claimed this territory as their own. China says it has historical ties to the area of ​​the South China Sea. According to researchers, China has used popular media to legitimize its claims in recent years.

Nearly half of car buyers in the US plan to go electric within the next two years. Analysts at Ernst and Young surveyed 1,500 US consumers in March. They found that 48% of vehicle buyers plan to purchase an EV, representing a nearly 20% jump from last year’s survey.

Categories: Morning Business Reports
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The Dangers of the EHR

The Dangers of the EHR

Electronic Health Records can be an incredibly helpful tool. However, they are not without fault. A recent warning highlights that electronic health records (EHRs) are a top target of cybercriminals. They can also lead to inappropriate billing if they are not set up correctly.

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The Health Sector Cybersecurity Coordination Center (HC3) issued a warning to healthcare entities regarding EHR vulnerabilities and protections.

Protected health information (PHI) continues to hold its value on the dark web and is a constant target of cybercriminals.

With the recent growth of telehealth and healthcare technology, we have seen a large increase in cybercrime and breaches attempting to benefit from security lapses.

How can you protect your patients’ PHI and your practice?

It is essential to utilize best practices when it comes to healthcare privacy and security.

Make sure that you are up to date with all security patches and regularly change your passwords.

Ensure that your staff regularly changes all passwords for all devices that can access patient data. Also make sure that no passwords are visible within the office.

Encryption is the best way to ensure that healthcare data is protected from threats.

We recommend and assist our clients with staff trainings that highlight realistic protection measures, including phishing awareness and ransomware responses.

It is essential that your backups are offsite and secure, in the event your practice is breached. Test your response time to get your practice operating once a cyber attack has occurred.

Further, to avoid compliance fines and penalties, it is essential that your EHR template is set up correctly. Are you auditing your templates and records? Audits can be incredibly helpful and offer invaluable insight.

We have seen firsthand the potential damages of an incorrect template.

If you need help protecting your patient data or auditing your EHR records, we can help. Contact Rickard & Associates today.

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New Baby? Time to Update Your Estate Plan

We often have clients ask us when the best time to do their estate plan is and the answer is usually, right now! This is especially true for people turning 18 years old, people who don’t have a plan, and people who have had recent life changes.

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One event that should trigger you to meet with an estate planning attorney is a new baby. When you are expanding your family, that comes with a lot of changes and responsibilities.

Once you have children, you need to consider a variety of things you’ve never had to think about before.

Some of these include:

  1. Who would you want to take care of your child if something happened to the parents?
  2. Do you have life insurance that will help offset the costs of raising your child or that can provide for your child?
  3. Is your life insurance through work? Is it sufficient?
  4. Do you need disability insurance? What if something were to happen to you physically – could you still provide for your child?
  5. Finally, it is essential to think about your incapacity and your assets.

We often help our clients walk through these questions and decisions and provide them with guidance as we draft their documents.

Many other life events will also result in changes to your estate plan. If you experience any changes to your circumstances, family dynamics, etc., it’s always a good idea to meet your estate planning lawyer.

If you need help, contact us today.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Contact us today with all your legal needs!

BuzzFeed News to be shuttered in corporate cost cutting move – Business News

Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.

In a memo sent to staff, Buzzfeed Inc. co-founder and CEO Jonah Peretti said Thursday that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams. BuzzFeed is also considering making job cuts in international markets.

BuzzFeed has about 1,200 total employees, according to a recent regulatory filing, meaning about 180 people will be losing their jobs in the latest cuts.

Peretti said in his memo that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the financial support needed to sustain operations was not there.

Digital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook. Waves of layoffs have rolled through the tech industry and more are expected.

“I’ve learned from these mistakes, and the team moving forward has learned from them as well,” Peretti wrote in the memo. “We know that the changes and improvements we are making today are necessary steps to building a better future.”

The announcement comes just a few months after BuzzFeed said that it would be cutting 12% of its workforce, citing worsening economic conditions. Job cuts at were also announced in December.

Christian Baesler, the Buzzfeed Inc.’s chief operating officer, and Edgar Hernandez, its chief revenue officer, are also leaving after they assist with the restructuring.

The company will have one remaining news brand, HuffPost, Peretti wrote.

Journalists who previously worked at BuzzFeed News lamented its end.

“I’m heartsick about it, and proud of the great journalism we did when I was there and after I left,” said Ben Smith, BuzzFeed News’ editor from 2011 to 2020 and now editor in chief of Semafor.

Smith made the controversial decision in 2017 to publish a “dossier” of information about then-President Donald Trump, though many outlets avoided it as unreliable and even Buzzfeed said there were serious reasons to doubt the allegations. He wrote then that “we have always erred on the side of publishing.

BuzzFeed News’ shutdown “really marks the end of the marriage between news and social media,” said Smith, author of “Traffic,” a forthcoming history of that era.

BuzzFeed News won its first Pulitzer in 2021, in international reporting, for a series by Megha Rajagopalan, Alison Killing and Christo Buschek on the infrastructure built by the Chinese government for the mass detention of Muslims.

That same year, BuzzFeed News and the International Consortium of Journalists were finalists in that category for an expose on the global banking industry’s role in money laundering. A former US Treasury Department employee was sentenced to six months in prison this month for leaking the trove of confidential financial reports served on the basis of the series.

BuzzFeed said Thursday that all of the news division’s work will be preserved and available within the BuzzFeed network. The company is also working to ensure that any stories currently in progress will be published and promoted on the BuzzFeed property.

How Do I Update My Compliance Risk Assessment?

Compliance Risk Assessments are critically important in healthcare practices. When used correctly, they can save entities from fines, problems and consequences.

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While almost everyone is familiar with a HIPAA Risk Assessment, many practices have not completed a full Compliance Risk Assessment.

A Compliance Risk Assessment is a process for healthcare entities to determine what risks exist, evaluate potential risks and focus resources to address the most significant risks.

Compliance Risk Assessments help to find blind spots, show your employees that you care about their concerns and are proactive, and reduce potential government fines and penalties. They could even help prevent a whistleblower suit.

Healthcare entities should prioritize these risk assessments, as they are now expected by the government. The Department of Justice (“DOJ”) has shared its belief that periodic risk assessments are the starting point of a well-designed compliance program.

Compliance plans must be updated regularly and regularly. Your staff should be aware of and engaged with your compliance program.

So how do you perform or update your Compliance Risk Assessment?

Work with your healthcare attorney to:

  • identify risks;
  • Assess risks for potential likelihood and impact;
  • Create a work plan which will likely include:
    • audits,
    • monitoring,
    • education,
    • updates to policies and procedures, and
    • implementation of any necessary technology measures; and
  • Continue monitoring compliance and compliance risks.

It is essential that your compliance plan is well-used, familiar to all staffand involve your entire office.

If a government official were to come to your practice, would all of your employees be able to comprehensively discuss your compliance plan?

If not, or if you need help with your compliance, billing, or audits, contact Rickard & Associates today!

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Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.