Stephens Initiates Coverage on Affirm (NASDAQ:AFRM)

Stephens initiated coverage on shares of Affirm (NASDAQ:AFRM) in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $69.00 price target on the stock.

A number of other research firms also recently weighed in on AFRM. Wall Street Zen downgraded Affirm from a “buy” rating to a “hold” rating in a report on Friday, June 6th. Wells Fargo & Company dropped their target price on shares of Affirm from $85.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Truist Financial started coverage on Affirm in a research note on Monday, June 2nd. They issued a “buy” rating and a $58.00 price objective for the company. Barclays reaffirmed an “overweight” rating and issued a $67.00 price target (up previously from $53.00) on shares of Affirm in a research report on Monday. Finally, Seaport Res Ptn raised Affirm to a “hold” rating in a research report on Monday, March 24th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.05.

Affirm Trading Down 3.9%

Shares of Affirm stock opened at $61.05 on Thursday. The firm’s 50-day moving average price is $49.59 and its two-hundred day moving average price is $56.93. The company has a quick ratio of 11.26, a current ratio of 11.26 and a debt-to-equity ratio of 2.68. Affirm has a 12-month low of $22.25 and a 12-month high of $82.53. The company has a market capitalization of $19.69 billion, a price-to-earnings ratio of -93.92 and a beta of 3.58.

Affirm (NASDAQ:AFRM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.10. Affirm had a negative net margin of 7.10% and a negative return on equity of 7.25%. The company had revenue of $783.14 million for the quarter, compared to analyst estimates of $782.98 million. During the same period in the previous year, the firm posted ($0.43) EPS. The firm’s revenue was up 35.9% on a year-over-year basis. On average, analysts forecast that Affirm will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Affirm

In other news, Director Keith Rabois sold 16,089 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.00, for a total value of $820,539.00. Following the completion of the transaction, the director now directly owns 29,343 shares of the company’s stock, valued at $1,496,493. This trade represents a 35.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Noel Bertram Watson sold 2,500 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $45.78, for a total value of $114,450.00. Following the sale, the director now owns 38,997 shares in the company, valued at approximately $1,785,282.66. The trade was a 6.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,677 shares of company stock worth $1,665,545 over the last ninety days. 11.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in AFRM. KLP Kapitalforvaltning AS increased its position in shares of Affirm by 0.4% during the first quarter. KLP Kapitalforvaltning AS now owns 49,100 shares of the company’s stock valued at $2,219,000 after buying an additional 200 shares during the period. Allworth Financial LP grew its stake in Affirm by 63.7% during the first quarter. Allworth Financial LP now owns 563 shares of the company’s stock valued at $27,000 after acquiring an additional 219 shares in the last quarter. Sei Investments Co. increased its holdings in Affirm by 0.6% during the 1st quarter. Sei Investments Co. now owns 41,066 shares of the company’s stock worth $1,856,000 after acquiring an additional 226 shares during the period. HB Wealth Management LLC increased its holdings in Affirm by 2.2% during the 1st quarter. HB Wealth Management LLC now owns 11,471 shares of the company’s stock worth $518,000 after acquiring an additional 252 shares during the period. Finally, Amalgamated Bank lifted its stake in Affirm by 2.1% in the 1st quarter. Amalgamated Bank now owns 13,773 shares of the company’s stock worth $622,000 after purchasing an additional 280 shares in the last quarter. 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.