Bank of America Raises Affirm (NASDAQ:AFRM) Price Target to $88.00

Affirm (NASDAQ:AFRM) had its target price raised by analysts at Bank of America from $82.00 to $88.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 37.48% from the stock’s current price.

A number of other research analysts also recently commented on AFRM. UBS Group set a $78.00 price objective on shares of Affirm in a research report on Friday, February 6th. Citigroup restated a “buy” rating on shares of Affirm in a research note on Wednesday, April 15th. TD Cowen restated a “buy” rating on shares of Affirm in a research note on Friday, February 6th. Citizens Jmp cut their target price on shares of Affirm from $105.00 to $85.00 and set a “market outperform” rating for the company in a research note on Friday, April 17th. Finally, Mizuho dropped their price objective on shares of Affirm from $114.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.64.

Affirm Price Performance

NASDAQ AFRM opened at $64.01 on Monday. 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 50 day simple moving average is $52.66 and its 200 day simple moving average is $63.16. Affirm has a 12 month low of $42.10 and a 12 month high of $100.00. The company has a market capitalization of $21.32 billion, a P/E ratio of 58.19, a PEG ratio of 4.47 and a beta of 3.72.

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. The business had revenue of $943.95 million for the quarter, compared to the consensus estimate of $995.27 million. Affirm had a net margin of 9.63% and a return on equity of 11.57%. The business’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS. Equities research analysts expect that Affirm will post 1.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Affirm

In related news, Director Noel Bertram Watson sold 2,000 shares of the stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $55.00, for a total value of $110,000.00. Following the sale, the director directly owned 38,076 shares in the company, valued at $2,094,180. This trade represents a 4.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by corporate insiders.

Institutional Trading of Affirm

Several hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Affirm in the fourth quarter valued at approximately $281,961,000. Invesco Ltd. grew its stake in shares of Affirm by 294.2% in the third quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock valued at $316,706,000 after buying an additional 3,234,260 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Affirm by 11,042.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock worth $157,004,000 after purchasing an additional 2,141,881 shares during the period. Atreides Management LP boosted its position in Affirm by 543.3% during the second quarter. Atreides Management LP now owns 1,977,882 shares of the company’s stock worth $136,751,000 after purchasing an additional 1,670,429 shares during the period. Finally, State Street Corp boosted 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 purchasing an additional 1,187,665 shares during the period. 69.29% of the stock is currently owned by institutional investors and hedge funds.

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.