Truist Financial Boosts Affirm (NASDAQ:AFRM) Price Target to $83.00

Affirm (NASDAQ:AFRM) had its target price upped by Truist Financial from $80.00 to $83.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 16.56% from the company’s previous close.

A number of other equities analysts have also recently issued reports on AFRM. Weiss Ratings restated a “hold (c-)” rating on shares of Affirm in a research note on Wednesday, June 24th. Barclays started coverage on Affirm in a research report on Wednesday, July 8th. They set an “overweight” rating and a $97.00 price target on the stock. Robert W. Baird raised their price target on Affirm from $70.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Oppenheimer reiterated an “outperform” rating and issued a $87.00 target price on shares of Affirm in a research note on Friday, May 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Affirm from $77.00 to $80.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.74.

Affirm Stock Down 3.7%

NASDAQ:AFRM opened at $71.21 on Friday. The stock has a 50-day simple moving average of $73.83 and a 200 day simple moving average of $63.72. Affirm has a one year low of $42.10 and a one year high of $100.00. The company has a market capitalization of $23.85 billion, a price-to-earnings ratio of 64.74, a price-to-earnings-growth ratio of 3.01 and a beta of 3.67. The company has a debt-to-equity ratio of 2.39, a quick ratio of 11.32 and a current ratio of 11.32.

Affirm (NASDAQ:AFRM) last released its earnings results on Thursday, May 7th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.13. Affirm had a return on equity of 11.17% and a net margin of 9.63%.The company had revenue of $943.95 million for the quarter, compared to the consensus estimate of $995.27 million. During the same quarter last year, the business posted $0.01 EPS. Affirm’s quarterly revenue was up 32.7% compared to the same quarter last year. Sell-side analysts predict that Affirm will post 1.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Michael Linford sold 100,000 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $80.04, for a total value of $8,004,000.00. Following the completion of the sale, the chief operating officer owned 117,984 shares in the company, valued at $9,443,439.36. This represents a 45.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Noel Bertram Watson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total transaction of $130,000.00. Following the completion of the sale, the director directly owned 36,076 shares of the company’s stock, valued at $2,344,940. The trade was a 5.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.01% of the company’s stock.

Institutional Trading of Affirm

A number of hedge funds and other institutional investors have recently made changes to their positions in AFRM. SBI Securities Co. Ltd. increased its stake in Affirm by 83.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 48,504 shares of the company’s stock valued at $3,610,000 after buying an additional 22,054 shares during the period. Capelight Capital Asset Management LP acquired a new stake in shares of Affirm during the 4th quarter valued at $4,912,000. Geode Capital Management LLC grew its holdings in shares of Affirm by 6.4% during the 4th quarter. Geode Capital Management LLC now owns 5,501,387 shares of the company’s stock valued at $408,433,000 after acquiring an additional 329,312 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Affirm by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 24,847,206 shares of the company’s stock valued at $1,849,378,000 after acquiring an additional 428,138 shares in the last quarter. Finally, J. Safra Sarasin Holding AG acquired a new position in shares of Affirm in the fourth quarter worth $2,861,000. 69.29% of the stock is currently owned by institutional investors.

About Affirm

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.