JPMorgan Chase & Co. Raises Affirm (NASDAQ:AFRM) Price Target to $74.00

Affirm (NASDAQ:AFRM) had its price objective upped by analysts at JPMorgan Chase & Co. from $56.00 to $74.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 2.21% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Bank of America increased their target price on shares of Affirm from $50.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Morgan Stanley upgraded Affirm from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $22.00 to $37.00 in a research report on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Affirm from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Wedbush upgraded Affirm from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $25.00 to $45.00 in a research note on Monday, October 14th. Finally, Wells Fargo & Company raised their price target on Affirm from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $53.73.

Affirm Price Performance

NASDAQ AFRM opened at $72.40 on Monday. The company has a quick ratio of 12.60, a current ratio of 12.60 and a debt-to-equity ratio of 2.50. Affirm has a 52 week low of $22.25 and a 52 week high of $72.40. The company has a market cap of $22.74 billion, a PE ratio of -50.99 and a beta of 3.47. The firm’s 50-day simple moving average is $49.29 and its two-hundred day simple moving average is $37.98.

Affirm (NASDAQ:AFRM) last issued its earnings results on Thursday, November 7th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.05. Affirm had a negative return on equity of 12.57% and a negative net margin of 17.67%. The business had revenue of $698.48 million during the quarter, compared to the consensus estimate of $661.39 million. During the same quarter last year, the company earned ($0.57) EPS. Research analysts predict that Affirm will post -0.53 earnings per share for the current year.

Insider Transactions at Affirm

In related news, insider Katherine Adkins sold 6,084 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $45.00, for a total transaction of $273,780.00. Following the completion of the sale, the insider now directly owns 122,069 shares in the company, valued at $5,493,105. This represents a 4.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert O’hare sold 100,938 shares of Affirm stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $55.00, for a total value of $5,551,590.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 868,253 shares of company stock worth $52,186,668. 12.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Affirm

Several hedge funds and other institutional investors have recently modified their holdings of AFRM. Spyglass Capital Management LLC increased its holdings in Affirm by 9.3% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,348,095 shares of the company’s stock valued at $95,849,000 after purchasing an additional 200,449 shares during the period. Charles Schwab Investment Management Inc. increased 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. Dragoneer Investment Group LLC purchased a new position in shares of Affirm during the second quarter valued at approximately $45,219,000. Bank of New York Mellon Corp lifted its stake in Affirm by 25.6% in the second quarter. Bank of New York Mellon Corp now owns 866,946 shares of the company’s stock worth $26,190,000 after acquiring an additional 176,675 shares during the period. Finally, Artemis Investment Management LLP bought a new stake in Affirm in the third quarter valued at $30,808,000. 69.29% of the stock is owned by institutional investors.

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.