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

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

Specifically, Director Keith Rabois sold 9,276 shares of Affirm stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $32.12, for a total transaction of $297,945.12. Following the sale, the director now directly owns 60,000 shares of the company’s stock, valued at $1,927,200. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AFRM. Mizuho reissued a “buy” rating and issued a $65.00 price objective on shares of Affirm in a report on Thursday, June 20th. JPMorgan Chase & Co. raised Affirm from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $41.00 to $43.00 in a report on Thursday, May 9th. Needham & Company LLC reissued a “hold” rating on shares of Affirm in a report on Thursday, May 9th. The Goldman Sachs Group reissued a “buy” rating and issued a $42.00 price objective on shares of Affirm in a report on Monday, June 24th. Finally, BTIG Research began coverage on Affirm in a report on Friday, June 7th. They issued a “neutral” rating for the company. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.66.

Affirm Stock Performance

The company has a quick ratio of 12.94, a current ratio of 12.94 and a debt-to-equity ratio of 2.43. The company has a 50-day moving average price of $31.61 and a 200-day moving average price of $36.77. The firm has a market capitalization 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 (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.27. Affirm had a negative return on equity of 22.06% and a negative net margin of 32.17%. The business had revenue of $576.00 million during the quarter, compared to the consensus estimate of $549.99 million. During the same period in the previous year, the firm posted ($0.69) earnings per share. The business’s revenue was up 51.2% on a year-over-year basis. As a group, equities research analysts forecast that Affirm Holdings, Inc. will post -1.98 earnings per share for the current year.

Institutional Investors Weigh In On Affirm

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Planned Solutions Inc. bought a new stake in Affirm during the fourth quarter worth approximately $25,000. Creative Financial Designs Inc. ADV raised its holdings in Affirm by 82.2% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 665 shares of the company’s stock worth $33,000 after purchasing an additional 300 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in Affirm during the fourth quarter worth approximately $33,000. Global Wealth Strategies & Associates raised its holdings in Affirm by 94.0% during the first quarter. Global Wealth Strategies & Associates now owns 970 shares of the company’s stock worth $36,000 after purchasing an additional 470 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Affirm in the fourth quarter valued at $49,000. Institutional investors 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.