Bank of America Issues Positive Forecast for Affirm (NASDAQ:AFRM) Stock Price

Affirm (NASDAQ:AFRM) had its price objective increased by equities research analysts at Bank of America from $50.00 to $74.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 12.56% from the stock’s previous close.

Several other equities research analysts also recently weighed in on AFRM. Wells Fargo & Company increased their price objective on Affirm from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $46.00 price target on shares of Affirm in a research note on Friday, October 4th. Morgan Stanley upgraded shares of Affirm from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $22.00 to $37.00 in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of Affirm from $47.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group raised their price target on Affirm from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.74.

Affirm Trading Up 4.0 %

NASDAQ AFRM opened at $65.74 on Friday. Affirm has a 12 month low of $22.25 and a 12 month high of $66.61. The company has a market capitalization of $20.65 billion, a price-to-earnings ratio of -46.30 and a beta of 3.47. The company has a debt-to-equity ratio of 2.50, a current ratio of 12.60 and a quick ratio of 12.60. The firm’s fifty day moving average price is $46.44 and its 200 day moving average price is $36.50.

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

Insider Activity

In related news, insider Katherine Adkins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $55.05, for a total value of $11,010,000.00. Following the sale, the insider now owns 93,545 shares of the company’s stock, valued at approximately $5,149,652.25. This represents a 68.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christa S. Quarles sold 14,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total value of $576,288.00. Following the transaction, the director now directly owns 141,903 shares of the company’s stock, valued at $5,678,958.06. The trade was a 9.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 503,738 shares of company stock worth $27,315,878 over the last 90 days. 12.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Affirm

A number of large investors have recently made changes to their positions in the stock. Dragoneer Investment Group LLC purchased a new position in Affirm in the 2nd quarter valued at about $45,219,000. Artemis Investment Management LLP purchased a new stake in shares of Affirm during the third quarter worth about $30,808,000. Holocene Advisors LP acquired a new position in shares of Affirm in the third quarter valued at approximately $27,872,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Affirm by 44.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,203,210 shares of the company’s stock valued at $89,935,000 after buying an additional 672,883 shares during the period. Finally, Bank of Montreal Can boosted its position in Affirm by 269.7% during the third quarter. Bank of Montreal Can now owns 724,336 shares of the company’s stock worth $29,814,000 after acquiring an additional 528,400 shares during the last quarter. Institutional investors and hedge funds 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.