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

Affirm (NASDAQ:AFRM) had its price target decreased by Truist Financial from $85.00 to $71.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 35.99% from the company’s current price.

Several other research analysts also recently weighed in on the company. Robert W. Baird started coverage on Affirm in a research note on Thursday. They issued a “neutral” rating and a $55.00 price target for the company. Stephens cut their target price on shares of Affirm from $75.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, February 6th. Oppenheimer reduced their target price on shares of Affirm from $95.00 to $83.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Bank of America raised their target price on shares of Affirm from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, Evercore reaffirmed an “outperform” rating on shares of Affirm in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Affirm has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Affirm Stock Performance

Shares of AFRM traded up $0.39 during trading hours on Friday, hitting $52.21. The stock had a trading volume of 359,625 shares, compared to its average volume of 6,898,477. The firm has a market capitalization of $17.39 billion, a PE ratio of 63.57, a PEG ratio of 1.93 and a beta of 3.56. The company has a debt-to-equity ratio of 2.58, a current ratio of 11.41 and a quick ratio of 11.41. Affirm has a 12 month low of $30.90 and a 12 month high of $100.00. The stock has a fifty day moving average price of $68.73 and a 200 day moving average price of $73.31.

Affirm (NASDAQ:AFRM) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Affirm had a net margin of 7.60% and a return on equity of 8.83%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $0.23 EPS. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. Analysts anticipate that Affirm will post -0.18 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Robert O’hare sold 36,401 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $80.00, for a total value of $2,912,080.00. Following the completion of the sale, the chief financial officer owned 1,368 shares of the company’s stock, valued at approximately $109,440. This trade represents a 96.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Max R. Levchin sold 666,666 shares of the company’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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 711,256 shares of company stock valued at $57,231,923 in the last ninety days. 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 the company. Assetmark Inc. boosted its stake in shares of Affirm by 111.3% during the third quarter. Assetmark Inc. now owns 338 shares of the company’s stock worth $25,000 after buying an additional 178 shares during the period. Greenline Wealth Management LLC acquired a new stake in Affirm during the 4th quarter worth approximately $26,000. Huntington National Bank grew its stake in shares of Affirm by 634.0% in the 2nd quarter. Huntington National Bank now owns 389 shares of the company’s stock valued at $27,000 after purchasing an additional 336 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Affirm in the third quarter valued at approximately $29,000. Finally, SouthState Corp increased its stake in Affirm by 190.5% in the 2nd quarter. SouthState Corp now owns 427 shares of the company’s stock valued at $30,000 after buying an additional 280 shares during the period. Institutional investors and hedge funds own 69.29% of the company’s stock.

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.