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

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

Several other research analysts also recently issued reports on the stock. Morgan Stanley lowered their price target on shares of Affirm from $82.00 to $79.00 and set an “equal weight” rating for the company in a report on Monday. Sanford C. Bernstein lifted their price objective on Affirm from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, August 31st. Wells Fargo & Company upped their target price on Affirm from $89.00 to $96.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Scotiabank began coverage on shares of Affirm in a report on Wednesday, September 2nd. They set a “sector outperform” rating and a $95.00 price target for the company. Finally, The Goldman Sachs Group dropped their price target on shares of Affirm from $115.00 to $103.00 and set a “buy” rating on the stock in a research report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Affirm has an average rating of “Moderate Buy” and an average price target of $97.41.

Affirm Stock Performance

NASDAQ AFRM opened at $73.32 on Tuesday. The stock has a market cap of $24.74 billion, a PE ratio of 13.28, a P/E/G ratio of 2.81 and a beta of 3.82. The company has a debt-to-equity ratio of 1.82, a quick ratio of 11.80 and a current ratio of 11.80. The firm has a 50-day moving average of $73.16 and a 200-day moving average of $66.64. Affirm has a 52-week low of $42.10 and a 52-week high of $90.44.

Affirm (NASDAQ:AFRM) last released its quarterly earnings results on Thursday, August 27th. The company reported $4.62 EPS for the quarter, beating the consensus estimate of $0.35 by $4.27. Affirm had a net margin of 45.29% and a return on equity of 47.91%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company posted $0.20 earnings per share. Affirm’s revenue was up 33.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Affirm will post 1.91 EPS for the current year.

Insider Activity

In other Affirm news, COO Michael Linford sold 79,219 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $90.01, for a total value of $7,130,502.19. Following the completion of the sale, the chief operating officer owned 120,713 shares in the company, valued at approximately $10,865,377.13. This trade represents a 39.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katherine Adkins sold 41,664 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $75.53, for a total value of $3,146,881.92. Following the completion of the transaction, the insider directly owned 152,439 shares in the company, valued at approximately $11,513,717.67. This represents a 21.46% 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. Insiders have sold a total of 280,118 shares of company stock valued at $22,223,307 in the last three months. 11.01% of the stock is owned by company insiders.

Institutional Trading of Affirm

Several hedge funds and other institutional investors have recently modified their holdings of AFRM. Spyglass Capital Management LLC grew its holdings in Affirm by 15.2% during the 1st quarter. Spyglass Capital Management LLC now owns 1,662,325 shares of the company’s stock valued at $76,168,000 after buying an additional 218,745 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Affirm during the second quarter worth about $75,121,000. Dimensional Fund Advisors LP boosted its stake in Affirm by 11.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,574,660 shares of the company’s stock worth $72,100,000 after buying an additional 166,252 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Affirm by 23.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,577,264 shares of the company’s stock worth $71,829,000 after purchasing an additional 303,037 shares during the period. Finally, Swiss National Bank lifted its stake in shares of Affirm by 8.8% in the 1st quarter. Swiss National Bank now owns 806,800 shares of the company’s stock valued at $36,968,000 after acquiring an additional 65,000 shares during the last quarter. Institutional investors own 69.29% of the company’s stock.

About Affirm

Affirm Holdings, Inc (NASDAQ: AFRM) operates a financial technology platform that provides consumers with flexible payment options at the point of sale. Its services allow shoppers to split eligible purchases into scheduled installments, with terms and costs disclosed before a transaction is completed.

Affirm’s platform is available through online and mobile checkout experiences, as well as through the Affirm app. Its product offerings include buy now, pay later financing, the Affirm Card, and savings products.