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

Affirm (NASDAQ:AFRM) had its price objective reduced by equities research analysts at Truist Financial from $85.00 to $71.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 35.99% from the company’s previous close.

A number of other research firms have also commented on AFRM. Wall Street Zen lowered shares of Affirm from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Wolfe Research assumed coverage on shares of Affirm in a research note on Tuesday, December 9th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group set a $83.00 price objective on Affirm in a research note on Friday, February 6th. Evercore reissued an “outperform” rating on shares of Affirm in a research note on Tuesday, December 16th. Finally, Citigroup upgraded shares of Affirm to a “strong-buy” rating in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.00.

Affirm Price Performance

Shares of Affirm stock traded up $0.39 during trading on Friday, reaching $52.21. The company’s stock had a trading volume of 359,625 shares, compared to its average volume of 6,898,477. The business has a 50 day moving average price of $68.73 and a 200-day moving average price of $73.31. Affirm has a 12-month low of $30.90 and a 12-month high of $100.00. The company has a market capitalization of $17.39 billion, a P/E ratio of 63.57, a price-to-earnings-growth ratio of 1.93 and a beta of 3.56. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 2.58.

Affirm (NASDAQ:AFRM) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Affirm had a net margin of 7.60% and a return on equity of 8.83%. The firm’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period last year, the company earned $0.23 EPS. As a group, sell-side analysts anticipate that Affirm will post -0.18 EPS for the current year.

Insider Transactions at Affirm

In related news, CEO Max R. Levchin sold 666,666 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $80.62, for a total value of $53,746,612.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert O’hare sold 36,401 shares of Affirm stock in a transaction on 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 transaction, the chief financial officer directly owned 1,368 shares of the company’s stock, valued at $109,440. This represents a 96.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 711,256 shares of company stock valued at $57,231,923. Insiders own 11.01% of the company’s stock.

Institutional Investors Weigh In On Affirm

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Affirm by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 24,847,206 shares of the company’s stock valued at $1,849,378,000 after purchasing an additional 428,138 shares during the last quarter. Capital Research Global Investors increased its holdings in Affirm by 0.5% during the 4th quarter. Capital Research Global Investors now owns 23,145,942 shares of the company’s stock worth $1,722,797,000 after acquiring an additional 104,239 shares during the period. Capital World Investors grew its position in shares of Affirm by 2.4% during the 4th quarter. Capital World Investors now owns 21,710,914 shares of the company’s stock valued at $1,615,953,000 after purchasing an additional 507,224 shares in the last quarter. Durable Capital Partners LP boosted its stake in Affirm by 12.3% during the second quarter. Durable Capital Partners LP now owns 7,389,337 shares of the company’s stock valued at $510,899,000 after buying an additional 808,455 shares during the period. Finally, State Street Corp grew its position in Affirm by 26.7% during the third quarter. State Street Corp now owns 5,641,965 shares of the company’s stock worth $412,315,000 after buying an additional 1,187,665 shares in the last quarter. 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.