Affirm (NASDAQ:AFRM) Price Target Raised to $55.00

Affirm (NASDAQ:AFRM) had its price target raised by investment analysts at Morgan Stanley from $39.00 to $55.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential downside of 3.25% from the company’s current price.

Several other analysts have also recently commented on the company. Bank of America lifted their price target on Affirm from $50.00 to $74.00 and gave the company a “buy” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lifted their price target on Affirm from $56.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. JMP Securities upgraded Affirm from a “market perform” rating to an “outperform” rating and set a $78.00 target price for the company in a report on Friday, December 20th. Wedbush upgraded Affirm from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $25.00 to $45.00 in a report on Monday, October 14th. Finally, Wells Fargo & Company boosted their target price on Affirm from $55.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.88.

Affirm Price Performance

Shares of NASDAQ:AFRM traded up $1.68 during midday trading on Tuesday, hitting $56.85. 1,504,424 shares of the stock were exchanged, compared to its average volume of 5,126,702. The company has a 50 day moving average price of $63.95 and a 200-day moving average price of $47.47. Affirm has a twelve month low of $22.25 and a twelve month high of $73.34. The stock has a market cap of $17.85 billion, a P/E ratio of -40.09 and a beta of 3.67. The company has a current ratio of 12.60, a quick ratio of 12.60 and a debt-to-equity ratio of 2.50.

Affirm (NASDAQ:AFRM) last announced its earnings results on Thursday, November 7th. The company reported ($0.31) earnings per share for the quarter, beating 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 firm had revenue of $698.48 million during the quarter, compared to the consensus estimate of $661.39 million. During the same quarter in the previous year, the company posted ($0.57) EPS. On average, research analysts forecast that Affirm will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Affirm

In related news, CFO Robert O’hare sold 100,938 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $5,551,590.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Noel Bertram Watson sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $72.05, for a total value of $180,125.00. Following the sale, the director now directly owns 41,497 shares in the company, valued at approximately $2,989,858.85. This represents a 5.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,323,478 shares of company stock valued at $86,285,371 in the last three months. Corporate insiders own 12.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AFRM. Spyglass Capital Management LLC boosted its stake in Affirm by 9.3% during the third quarter. Spyglass Capital Management LLC now owns 2,348,095 shares of the company’s stock valued at $95,849,000 after buying an additional 200,449 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Affirm by 44.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,203,210 shares of the company’s stock worth $89,935,000 after purchasing an additional 672,883 shares in the last quarter. Artemis Investment Management LLP increased its stake in Affirm by 2.1% in the 4th quarter. Artemis Investment Management LLP now owns 770,245 shares of the company’s stock worth $46,908,000 after purchasing an additional 15,517 shares in the last quarter. Bank of Montreal Can increased its stake in Affirm by 269.7% in the 3rd quarter. Bank of Montreal Can now owns 724,336 shares of the company’s stock worth $29,814,000 after purchasing an additional 528,400 shares in the last quarter. Finally, Holocene Advisors LP purchased a new position in Affirm in the 3rd quarter worth about $27,872,000. 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.