Affirm (NASDAQ:AFRM) Given New $83.00 Price Target at Truist Financial

Affirm (NASDAQ:AFRM) had its price objective lifted by stock analysts at Truist Financial from $80.00 to $83.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 16.56% from the stock’s previous close.

A number of other brokerages have also recently weighed in on AFRM. TD Cowen boosted their price target on Affirm from $90.00 to $117.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Citizens Jmp cut their price objective on Affirm from $105.00 to $85.00 and set a “market outperform” rating on the stock in a research note on Friday, April 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Affirm in a research note on Wednesday, June 24th. BTIG Research restated a “neutral” rating on shares of Affirm in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Affirm from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Affirm has a consensus rating of “Moderate Buy” and a consensus target price of $92.74.

Affirm Stock Performance

AFRM stock opened at $71.21 on Friday. The company has a quick ratio of 11.32, a current ratio of 11.32 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $23.85 billion, a price-to-earnings ratio of 64.74, a P/E/G ratio of 3.01 and a beta of 3.67. Affirm has a 12 month low of $42.10 and a 12 month high of $100.00. The firm has a 50 day moving average of $73.83 and a two-hundred day moving average of $63.72.

Affirm (NASDAQ:AFRM) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.13. The firm had revenue of $943.95 million during the quarter, compared to analysts’ expectations of $995.27 million. Affirm had a net margin of 9.63% and a return on equity of 11.17%. Affirm’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.01 earnings per share. As a group, equities analysts anticipate that Affirm will post 1.23 EPS for the current fiscal year.

Insider Transactions at Affirm

In other news, Director Noel Bertram Watson sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $65.00, for a total value of $130,000.00. Following the sale, the director directly owned 36,076 shares of the company’s stock, valued at approximately $2,344,940. This trade represents a 5.25% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Linford sold 100,000 shares of Affirm stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $80.04, for a total value of $8,004,000.00. Following the completion of the transaction, the chief operating officer owned 117,984 shares in the company, valued at $9,443,439.36. The trade was a 45.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Affirm

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Affirm in the 4th quarter valued at $281,961,000. Invesco Ltd. boosted its holdings in Affirm by 294.2% during the third quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock valued at $316,706,000 after purchasing an additional 3,234,260 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Affirm by 11,042.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock valued at $157,004,000 after purchasing an additional 2,141,881 shares in the last quarter. Atreides Management LP grew its stake in shares of Affirm by 543.3% in the 2nd quarter. Atreides Management LP now owns 1,977,882 shares of the company’s stock valued at $136,751,000 after purchasing an additional 1,670,429 shares during the period. Finally, State Street Corp grew its stake in shares of Affirm by 26.7% in the 3rd quarter. State Street Corp now owns 5,641,965 shares of the company’s stock valued at $412,315,000 after purchasing an additional 1,187,665 shares during the period. Institutional investors own 69.29% of the company’s stock.

About Affirm

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.