Affirm (NASDAQ:AFRM) Price Target Raised to $83.00

Affirm (NASDAQ:AFRM) had its target price hoisted by Truist Financial from $80.00 to $83.00 in a report published on Friday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also commented on AFRM. Piper Sandler assumed coverage on shares of Affirm in a research report on Monday, June 29th. They set an “overweight” rating and a $103.00 price target for the company. Zacks Research downgraded shares of Affirm from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 29th. Susquehanna boosted their target price on shares of Affirm from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Thursday, June 25th. Royal Bank Of Canada upped their target price on shares of Affirm from $77.00 to $80.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Finally, Sanford C. Bernstein started coverage on shares of Affirm in a research report on Tuesday, July 21st. They issued an “outperform” rating and a $100.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $92.74.

Affirm Stock Performance

Shares of AFRM opened at $70.23 on Friday. The firm has a market capitalization of $23.52 billion, a P/E ratio of 63.85, a PEG ratio of 2.86 and a beta of 3.67. The company has a debt-to-equity ratio of 2.39, a current ratio of 11.32 and a quick ratio of 11.32. Affirm has a one year low of $42.10 and a one year high of $100.00. The business has a fifty day moving average of $73.92 and a 200 day moving average of $63.64.

Affirm (NASDAQ:AFRM) last posted its earnings results on Thursday, May 7th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.13. The company had revenue of $943.95 million for the quarter, compared to the consensus estimate of $995.27 million. Affirm had a return on equity of 11.17% and a net margin of 9.63%.Affirm’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 earnings per share. As a group, sell-side analysts anticipate that Affirm will post 1.23 EPS for the current year.

Insider Activity

In related news, COO Michael Linford sold 100,000 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $80.04, for a total value of $8,004,000.00. Following the completion of the sale, the chief operating officer directly owned 117,984 shares of the company’s stock, valued at approximately $9,443,439.36. This represents a 45.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Noel Bertram Watson sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $65.00, for a total transaction of $130,000.00. Following the sale, the director owned 36,076 shares in the company, valued at approximately $2,344,940. The trade was a 5.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AFRM. Royal Bank of Canada raised its position in shares of Affirm by 2.1% during the first quarter. Royal Bank of Canada now owns 193,601 shares of the company’s stock valued at $8,748,000 after buying an additional 3,892 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Affirm by 90.7% during the first quarter. Empowered Funds LLC now owns 16,852 shares of the company’s stock worth $762,000 after acquiring an additional 8,014 shares during the last quarter. Focus Partners Wealth purchased a new position in Affirm during the first quarter valued at $243,000. EverSource Wealth Advisors LLC grew its stake in Affirm by 18.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,738 shares of the company’s stock valued at $189,000 after acquiring an additional 427 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Affirm by 44.8% in the 2nd quarter. First Trust Advisors LP now owns 191,525 shares of the company’s stock valued at $13,242,000 after acquiring an additional 59,297 shares during the last quarter. 69.29% of the stock is owned by hedge funds and other institutional investors.

About Affirm

Affirm Holdings, Inc is a financial technology company that provides point-of-sale consumer lending and payments solutions for online and in-store purchases. Its core product is a buy-now-pay-later (BNPL) platform that enables consumers to split purchases into fixed, transparent installment loans with no hidden fees. Affirm offers a range of financing options through merchant integrations, a consumer-facing mobile app and virtual card capabilities, and tools for merchants to offer alternative payment methods at checkout.