Affirm (NASDAQ:AFRM) Reaches New 52-Week High Following Analyst Upgrade

Affirm Holdings, Inc. (NASDAQ:AFRM)’s share price hit a new 52-week high during mid-day trading on Monday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $45.00 to $75.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Affirm traded as high as $73.27 and last traded at $72.89, with a volume of 3557084 shares traded. The stock had previously closed at $70.70.

A number of other research firms have also recently commented on AFRM. JPMorgan Chase & Co. lifted their target price on shares of Affirm from $56.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $46.00 price objective on shares of Affirm in a report on Friday, October 4th. Morgan Stanley raised Affirm from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $22.00 to $37.00 in a research report on Wednesday, October 9th. Wells Fargo & Company lifted their price target on Affirm from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group raised their price objective on Affirm from $57.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.21.

Insider Activity

In other Affirm news, President Libor Michalek sold 6,629 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $72.08, for a total transaction of $477,818.32. Following the transaction, the president now owns 160,601 shares in the company, valued at approximately $11,576,120.08. This represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert O’hare sold 11,218 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $70.00, for a total value of $785,260.00. The disclosure for this sale can be found here. Insiders sold a total of 1,380,667 shares of company stock valued at $88,399,613 in the last three months. 12.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Affirm

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its position in shares of Affirm by 2,305.3% in the second quarter. Bank of Montreal Can now owns 195,936 shares of the company’s stock valued at $6,466,000 after purchasing an additional 187,790 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Affirm in the 3rd quarter valued at about $1,419,000. Quest Partners LLC acquired a new stake in Affirm in the 3rd quarter worth about $391,000. International Assets Investment Management LLC acquired a new stake in Affirm in the 3rd quarter worth about $731,000. Finally, Entropy Technologies LP purchased a new stake in Affirm during the 3rd quarter worth approximately $464,000. Hedge funds and other institutional investors own 69.29% of the company’s stock.

Affirm Stock Up 3.1 %

The firm has a market cap of $22.88 billion, a price-to-earnings ratio of -51.31 and a beta of 3.66. The business has a fifty day simple moving average of $55.66 and a 200 day simple moving average of $41.05. The company has a debt-to-equity ratio of 2.50, a current ratio of 12.60 and a quick ratio of 12.60.

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

Affirm Company Profile

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.