Truist Financial Cuts Affirm (NASDAQ:AFRM) Price Target to $71.00

Affirm (NASDAQ:AFRM) had its price objective decreased by Truist Financial from $85.00 to $71.00 in a research note released on Friday morning, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms also recently commented on AFRM. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Affirm in a report on Monday, February 9th. The Goldman Sachs Group set a $83.00 price objective on shares of Affirm in a research note on Friday, February 6th. Morgan Stanley upgraded shares of Affirm from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $83.00 to $76.00 in a research note on Tuesday, February 3rd. Citigroup upgraded shares of Affirm to a “strong-buy” rating in a research report on Thursday, October 23rd. Finally, UBS Group set a $78.00 price target on Affirm in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Affirm has an average rating of “Moderate Buy” and an average target price of $85.00.

Affirm Price Performance

Shares of AFRM opened at $51.09 on Friday. The company has a debt-to-equity ratio of 2.58, a current ratio of 11.41 and a quick ratio of 11.41. The company’s fifty day moving average price is $68.40 and its 200-day moving average price is $73.11. Affirm has a 1-year low of $30.90 and a 1-year high of $100.00. The firm has a market capitalization of $17.02 billion, a PE ratio of 63.07, a price-to-earnings-growth ratio of 1.91 and a beta of 3.56.

Affirm (NASDAQ:AFRM) last issued its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.06 billion. Affirm had a return on equity of 8.83% and a net margin of 7.60%.The firm’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter last year, the business posted $0.23 EPS. On average, equities research analysts predict that Affirm will post -0.18 EPS for the current year.

Insider Transactions at Affirm

In other news, CFO Robert O’hare sold 36,401 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $80.00, for a total transaction of $2,912,080.00. Following the sale, the chief financial officer directly owned 1,368 shares in the company, valued at $109,440. This trade represents a 96.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Max R. Levchin sold 666,666 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $80.62, for a total value of $53,746,612.92. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 711,256 shares of company stock worth $57,231,923 over the last 90 days. Insiders own 11.01% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC grew its stake in Affirm by 134.4% in the 4th quarter. Corient Private Wealth LLC now owns 39,918 shares of the company’s stock valued at $2,971,000 after acquiring an additional 22,886 shares during the period. Alberta Investment Management Corp purchased a new position in Affirm during the fourth quarter valued at $5,277,000. Strive Financial Group LLC acquired a new stake in shares of Affirm in the fourth quarter valued at about $33,000. Vident Advisory LLC increased its stake in shares of Affirm by 3.7% during the fourth quarter. Vident Advisory LLC now owns 15,874 shares of the company’s stock worth $1,182,000 after purchasing an additional 572 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Affirm by 25.7% during the 4th quarter. Empowered Funds LLC now owns 13,308 shares of the company’s stock worth $991,000 after purchasing an additional 2,720 shares during the last quarter. Hedge funds and other institutional investors own 69.29% of the company’s stock.

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.