Wells Fargo & Company Boosts Affirm (NASDAQ:AFRM) Price Target to $70.00

Affirm (NASDAQ:AFRM) had its target price raised by equities researchers at Wells Fargo & Company from $55.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 17.12% from the company’s previous close.

Several other research firms have also issued reports on AFRM. Bank of America lifted their price target on shares of Affirm from $50.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. William Blair started coverage on shares of Affirm in a research report on Wednesday. They set an “outperform” rating for the company. Barclays upped their price objective on shares of Affirm from $64.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Susquehanna upped their price objective on shares of Affirm from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, BTIG Research raised shares of Affirm from a “neutral” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.88.

Affirm Price Performance

NASDAQ:AFRM traded up $1.56 on Thursday, reaching $59.77. 708,318 shares of the company’s stock traded hands, compared to its average volume of 5,152,969. 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 firm has a market cap of $18.77 billion, a PE ratio of -42.09 and a beta of 3.67. Affirm has a 12 month low of $22.25 and a 12 month high of $73.34. The stock has a 50-day simple moving average of $63.42 and a 200-day simple moving average of $45.68.

Affirm (NASDAQ:AFRM) last announced its quarterly earnings data 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 business had revenue of $698.48 million during the quarter, compared to the consensus estimate of $661.39 million. During the same quarter last year, the firm earned ($0.57) earnings per share. Equities research analysts forecast that Affirm will post -0.53 earnings per share for the current year.

Insider Activity

In related news, Director Noel Bertram Watson sold 2,500 shares of Affirm stock in a transaction on Monday, December 16th. The shares were sold at an average price of $72.05, for a total transaction of $180,125.00. Following the sale, the director now directly owns 41,497 shares in the company, valued at $2,989,858.85. This trade represents a 5.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Linford sold 400,000 shares of Affirm stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $68.99, for a total transaction of $27,596,000.00. Following the sale, the chief operating officer now owns 85,420 shares in the company, valued at $5,893,125.80. This represents a 82.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,323,478 shares of company stock worth $86,285,371. 12.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of AFRM. ORG Wealth Partners LLC acquired a new position in shares of Affirm during the third quarter worth about $29,000. Advisors Asset Management Inc. increased its stake in shares of Affirm by 168.2% during the third quarter. Advisors Asset Management Inc. now owns 1,070 shares of the company’s stock worth $44,000 after acquiring an additional 671 shares during the period. Venturi Wealth Management LLC grew its position in Affirm by 200.5% during the third quarter. Venturi Wealth Management LLC now owns 1,097 shares of the company’s stock worth $45,000 after buying an additional 732 shares during the period. Hanseatic Management Services Inc. acquired a new position in Affirm during the third quarter worth about $65,000. Finally, Brooklyn Investment Group acquired a new position in Affirm during the third quarter worth about $78,000. 69.29% of the stock is owned by hedge funds and other institutional investors.

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.