Affirm (NASDAQ:AFRM) Stock Rating Upgraded by Zacks Research

Affirm (NASDAQ:AFRM) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also issued reports on AFRM. Susquehanna upped their price target on Affirm from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Thursday, June 25th. Cantor Fitzgerald lifted their price objective on Affirm from $80.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Affirm in a report on Wednesday, June 24th. BMO Capital Markets began coverage on shares of Affirm in a research report on Tuesday, April 21st. They set an “outperform” rating and a $75.00 target price on the stock. Finally, Bank of America raised their target price on shares of Affirm from $82.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.74.

Affirm Stock Down 0.9%

NASDAQ:AFRM opened at $72.40 on Monday. The stock’s fifty day moving average price is $74.24 and its two-hundred day moving average price is $63.50. Affirm has a 52-week low of $42.10 and a 52-week high of $100.00. The company has a debt-to-equity ratio of 2.39, a quick ratio of 11.32 and a current ratio of 11.32. The company has a market cap of $24.25 billion, a price-to-earnings ratio of 65.82, a P/E/G ratio of 2.98 and a beta of 3.67.

Affirm (NASDAQ:AFRM) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.13. The firm had revenue of $943.95 million for the quarter, compared to analyst estimates of $995.27 million. Affirm had a return on equity of 11.17% and a net margin of 9.63%.The business’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company earned $0.01 EPS. On average, analysts anticipate that Affirm will post 1.23 EPS for the current year.

Insiders Place Their Bets

In related news, COO Michael Linford sold 100,000 shares of Affirm stock in a transaction on Friday, June 26th. The stock was sold at an average price of $80.04, for a total transaction 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 $9,443,439.36. The trade was a 45.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the completion of the sale, the director owned 36,076 shares of the company’s stock, valued at $2,344,940. This represents a 5.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.01% of the company’s stock.

Hedge Funds Weigh In On Affirm

Institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Affirm in the 4th quarter valued at about $281,961,000. Invesco Ltd. boosted its stake in Affirm by 294.2% during the 3rd quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock worth $316,706,000 after acquiring an additional 3,234,260 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Affirm by 11,042.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock worth $157,004,000 after acquiring an additional 2,141,881 shares during the last quarter. Atreides Management LP grew its holdings in Affirm by 543.3% during the second quarter. Atreides Management LP now owns 1,977,882 shares of the company’s stock valued at $136,751,000 after purchasing an additional 1,670,429 shares during the period. Finally, State Street Corp grew its holdings in Affirm by 26.7% during the third quarter. State Street Corp now owns 5,641,965 shares of the company’s stock valued at $412,315,000 after purchasing an additional 1,187,665 shares during the period. 69.29% of the stock is currently owned by institutional investors and hedge funds.

Affirm Company Profile

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.