Affirm (NASDAQ:AFRM) Price Target Raised to $74.00

Affirm (NASDAQ:AFRM) had its target price upped by Bank of America from $50.00 to $74.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also commented on the stock. Morgan Stanley raised shares of Affirm from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $22.00 to $37.00 in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on shares of Affirm from $47.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. BTIG Research upgraded Affirm from a “neutral” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Tuesday, October 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $46.00 price target on shares of Affirm in a research report on Friday, October 4th. Finally, Wells Fargo & Company upped their price objective on shares of Affirm from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.13.

Affirm Price Performance

NASDAQ AFRM opened at $69.35 on Friday. The firm’s fifty day simple moving average is $47.39 and its two-hundred day simple moving average is $37.01. The firm has a market capitalization of $21.78 billion, a P/E ratio of -48.84 and a beta of 3.47. The company has a current ratio of 12.60, a quick ratio of 12.60 and a debt-to-equity ratio of 2.50. Affirm has a 12-month low of $22.25 and a 12-month high of $70.20.

Affirm (NASDAQ:AFRM) last announced its earnings results on Thursday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.05. Affirm had a negative return on equity of 12.57% and a negative net margin of 17.67%. The company had revenue of $698.48 million for the quarter, compared to analyst estimates of $661.39 million. During the same period in the prior year, the company posted ($0.57) EPS. Analysts forecast that Affirm will post -0.53 EPS for the current fiscal year.

Insider Activity

In related news, CFO Robert O’hare sold 79,039 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $70.01, for a total value of $5,533,520.39. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Libor Michalek sold 77,105 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $64.08, for a total value of $4,940,888.40. Following the sale, the president now owns 159,449 shares of the company’s stock, valued at approximately $10,217,491.92. This trade represents a 32.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 671,100 shares of company stock worth $38,575,547 in the last ninety days. Company insiders own 12.41% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC acquired a new stake in Affirm during the 2nd quarter worth $45,219,000. Artemis Investment Management LLP purchased a new stake in Affirm during the 3rd quarter valued at about $30,808,000. Holocene Advisors LP acquired a new stake in Affirm in the 3rd quarter valued at about $27,872,000. Charles Schwab Investment Management Inc. lifted its stake in Affirm by 44.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,203,210 shares of the company’s stock worth $89,935,000 after purchasing an additional 672,883 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Affirm by 269.7% in the 3rd quarter. Bank of Montreal Can now owns 724,336 shares of the company’s stock worth $29,814,000 after purchasing an additional 528,400 shares in the last quarter. 69.29% of the stock is 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.