Affirm (NASDAQ:AFRM) Rating Increased to Equal Weight at Morgan Stanley

Affirm (NASDAQ:AFRM) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $37.00 price target on the stock, up from their previous price target of $22.00. Morgan Stanley’s target price indicates a potential downside of 11.93% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on Affirm from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Wedbush lifted their target price on Affirm from $20.00 to $25.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. The Goldman Sachs Group reissued a “buy” rating and set a $42.00 price target on shares of Affirm in a research report on Monday, June 24th. Barclays lifted their price objective on shares of Affirm from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $46.00 target price on shares of Affirm in a report on Friday, October 4th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $38.13.

Affirm Stock Down 2.9 %

Shares of AFRM opened at $42.01 on Wednesday. The company has a current ratio of 13.07, a quick ratio of 13.07 and a debt-to-equity ratio of 2.41. The firm has a market cap of $12.99 billion, a P/E ratio of -18.84 and a beta of 3.50. The company’s 50-day moving average price is $36.41 and its 200 day moving average price is $33.22. Affirm has a 12-month low of $15.97 and a 12-month high of $52.48.

Affirm (NASDAQ:AFRM) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.31. Affirm had a negative net margin of 22.29% and a negative return on equity of 15.55%. The firm had revenue of $659.19 million for the quarter, compared to analyst estimates of $599.50 million. On average, sell-side analysts forecast that Affirm will post -0.82 earnings per share for the current year.

Insider Buying and Selling

In other Affirm news, Director Christa S. Quarles sold 14,400 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $40.02, for a total value of $576,288.00. Following the completion of the transaction, the director now owns 141,903 shares in the company, valued at $5,678,958.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Affirm news, Director Keith Rabois sold 9,275 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.90, for a total value of $249,497.50. Following the completion of the sale, the director now owns 64,348 shares in the company, valued at approximately $1,730,961.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christa S. Quarles sold 14,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total transaction of $576,288.00. Following the transaction, the director now owns 141,903 shares in the company, valued at approximately $5,678,958.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,075 shares of company stock worth $4,803,786 in the last ninety days. 13.05% of the stock is owned by corporate insiders.

Institutional Trading of Affirm

A number of large investors have recently bought and sold shares of the business. LifePro Asset Management acquired a new stake in shares of Affirm during the third quarter worth about $2,078,000. Artemis Investment Management LLP purchased a new position in shares of Affirm in the 3rd quarter valued at approximately $30,808,000. Myecfo LLC increased its holdings in shares of Affirm by 5.0% in the third quarter. Myecfo LLC now owns 12,260 shares of the company’s stock valued at $500,000 after purchasing an additional 589 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Affirm by 24.4% during the third quarter. Handelsbanken Fonder AB now owns 62,200 shares of the company’s stock worth $2,539,000 after purchasing an additional 12,200 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Affirm by 4.1% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 192,558 shares of the company’s stock worth $5,817,000 after purchasing an additional 7,500 shares during the period. Institutional investors and hedge funds own 69.29% of the company’s stock.

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.