Common App app data concerning for Flywire, says BTIG

BTIG analyst Andrew Harte says annual data published by The Common App showed first-year undergraduate applications from international students for the 2024/2025 school year grew 1% year-over-year as of January 1, compared to 15% growth the year prior. The 1% international growth was also slower than the 5% for domestic applications, the analyst tells investors in a research note. The firm notes this was the first time international applications grew slower than domestic since 2019. The slower international application growth compared to domestic is concerning for Flywire (FLYW), contends BTIG, but it points out company management typically points to Open Doors data for international student growth which has yet to publish 2024/2025 data. “However, any way we look at The Common App data, we see it as concerning,” the analyst writes. BTIG keeps a Buy rating on Flywire with a $26 price target noting international student growth is just one component of the company’s 120% historical net revenue retention.