Affirm (NASDAQ:AFRM) Stock Price Down 2% After Insider Selling

Shares of Affirm Holdings, Inc. (NASDAQ:AFRM) fell 2% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $28.78 and last traded at $28.78. 448,953 shares traded hands during trading, a decline of 95% from the average session volume of 8,545,255 shares. The stock had previously closed at $29.38.

Specifically, Director Keith Rabois sold 9,276 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $29.89, for a total transaction of $277,259.64. Following the sale, the director now directly owns 73,623 shares of the company’s stock, valued at $2,200,591.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AFRM. JMP Securities began coverage on shares of Affirm in a report on Friday, June 28th. They issued a “market perform” rating on the stock. BTIG Research assumed coverage on shares of Affirm in a report on Friday, June 7th. They set a “neutral” rating on the stock. Mizuho restated a “buy” rating and set a $65.00 price objective on shares of Affirm in a report on Thursday, June 20th. Barclays dropped their price objective on shares of Affirm from $50.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. upgraded shares of Affirm from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $43.00 in a report on Thursday, May 9th. Five research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $32.66.

Affirm Stock Down 1.4 %

The company has a current ratio of 12.94, a quick ratio of 12.94 and a debt-to-equity ratio of 2.43. The firm’s 50 day simple moving average is $31.61 and its two-hundred day simple moving average is $36.77. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of -13.00 and a beta of 3.45.

Affirm (NASDAQ:AFRM) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.27. Affirm had a negative net margin of 32.17% and a negative return on equity of 22.06%. The business had revenue of $576.00 million during the quarter, compared to analysts’ expectations of $549.99 million. During the same quarter in the previous year, the company earned ($0.69) EPS. The business’s revenue was up 51.2% on a year-over-year basis. On average, equities analysts forecast that Affirm Holdings, Inc. will post -1.98 EPS for the current year.

Hedge Funds Weigh In On Affirm

Hedge funds and other institutional investors have recently made changes to their positions in the company. Planned Solutions Inc. acquired a new position in shares of Affirm in the 4th quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV raised its position in shares of Affirm by 82.2% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 665 shares of the company’s stock valued at $33,000 after buying an additional 300 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Affirm during the 4th quarter valued at approximately $33,000. Global Wealth Strategies & Associates grew its holdings in shares of Affirm by 94.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 970 shares of the company’s stock valued at $36,000 after purchasing an additional 470 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Affirm during the 4th quarter valued at approximately $49,000. 69.29% of the stock is currently owned by institutional investors and hedge funds.

About Affirm

Affirm Holdings, Inc operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time with terms ranging up to 60 months.