Affirm (NASDAQ:AFRM) Hits New 1-Year High on Analyst Upgrade

Affirm Holdings, Inc. (NASDAQ:AFRM) hit a new 52-week high during trading on Monday after Barclays raised their price target on the stock from $64.00 to $75.00. Barclays currently has an overweight rating on the stock. Affirm traded as high as $70.20 and last traded at $69.57, with a volume of 2945524 shares traded. The stock had previously closed at $66.55.

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

Insider Buying and Selling

In related news, Director Christa S. Quarles sold 14,400 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total value of $576,288.00. Following the sale, the director now directly owns 141,903 shares of the company’s stock, valued at $5,678,958.06. This represents a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert O’hare sold 100,938 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $55.00, for a total value of $5,551,590.00. The disclosure for this sale can be found here. Insiders have sold a total of 671,100 shares of company stock valued at $38,575,547 over the last ninety days. Company insiders own 12.41% of the company’s stock.

Institutional Investors Weigh In On Affirm

A number of institutional investors have recently modified their holdings of the stock. Tidal Investments LLC grew its stake in shares of Affirm by 208.6% in the third quarter. Tidal Investments LLC now owns 21,775 shares of the company’s stock worth $889,000 after acquiring an additional 14,720 shares during the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Affirm during the third quarter valued at $244,000. Y Intercept Hong Kong Ltd bought a new position in shares of Affirm during the third quarter valued at $1,618,000. Main Management ETF Advisors LLC bought a new position in shares of Affirm during the third quarter valued at $2,629,000. Finally, XTX Topco Ltd lifted its holdings in shares of Affirm by 25.5% during the third quarter. XTX Topco Ltd now owns 54,032 shares of the company’s stock valued at $2,206,000 after purchasing an additional 10,970 shares in the last quarter. 69.29% of the stock is owned by hedge funds and other institutional investors.

Affirm Stock Performance

The stock 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 quick ratio of 12.60, a current ratio of 12.60 and a debt-to-equity ratio of 2.50. The business has a fifty day moving average price of $47.39 and a 200-day moving average price of $37.01.

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

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.