Affirm (NASDAQ:AFRM) Price Target Raised to $85.00 at Truist Financial

Affirm (NASDAQ:AFRM) had its price target increased by analysts at Truist Financial from $83.00 to $85.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 14.44% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Oppenheimer upped their target price on shares of Affirm from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Friday, August 28th. Citigroup reissued a “market outperform” rating on shares of Affirm in a report on Friday, August 28th. Susquehanna boosted their price target on shares of Affirm from $105.00 to $110.00 and gave the company a “positive” rating in a research report on Friday, August 28th. BTIG Research reaffirmed a “neutral” rating on shares of Affirm in a report on Tuesday, May 26th. Finally, Wells Fargo & Company increased their price objective on Affirm from $89.00 to $96.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. Twenty-three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.12.

Affirm Price Performance

AFRM stock traded up $0.18 during mid-day trading on Thursday, reaching $74.27. 1,144,159 shares of the company traded hands, compared to its average volume of 5,372,758. The company has a debt-to-equity ratio of 1.82, a current ratio of 11.80 and a quick ratio of 11.80. The company has a market capitalization of $24.87 billion, a P/E ratio of 13.46, a P/E/G ratio of 2.90 and a beta of 3.61. Affirm has a 52-week low of $42.10 and a 52-week high of $93.20. The company has a fifty day moving average price of $77.38 and a 200-day moving average price of $65.01.

Affirm (NASDAQ:AFRM) last announced its quarterly earnings results on Thursday, August 27th. The company reported $4.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $4.27. Affirm had a net margin of 45.29% and a return on equity of 47.91%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm posted $0.20 earnings per share. The company’s revenue for the quarter was up 33.1% on a year-over-year basis. As a group, analysts anticipate that Affirm will post 1.85 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Michael Linford sold 100,000 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $80.04, for a total value of $8,004,000.00. Following the transaction, the chief operating officer owned 117,984 shares of the company’s stock, valued at $9,443,439.36. This represents a 45.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its stake in Affirm by 7,715.3% in the second quarter. California State Teachers Retirement System now owns 29,932,275 shares of the company’s stock valued at $2,440,977,000 after acquiring an additional 29,549,277 shares during the last quarter. Norges Bank purchased a new position in shares of Affirm during the 4th quarter valued at about $281,961,000. Invesco Ltd. raised its holdings in shares of Affirm by 294.2% during the 3rd quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock valued at $316,706,000 after buying an additional 3,234,260 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Affirm by 11,042.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock worth $157,004,000 after buying an additional 2,141,881 shares during the last quarter. Finally, Atreides Management LP lifted its position in Affirm by 543.3% in the 2nd quarter. Atreides Management LP now owns 1,977,882 shares of the company’s stock worth $136,751,000 after buying an additional 1,670,429 shares during the last quarter. 69.29% of the stock is currently owned by hedge funds and other institutional investors.

Affirm Company Profile

Affirm Holdings, Inc is a financial technology company that provides point-of-sale consumer lending and payments solutions for online and in-store purchases. Its core product is a buy-now-pay-later (BNPL) platform that enables consumers to split purchases into fixed, transparent installment loans with no hidden fees. Affirm offers a range of financing options through merchant integrations, a consumer-facing mobile app and virtual card capabilities, and tools for merchants to offer alternative payment methods at checkout.