Affirm (NASDAQ:AFRM) Stock Rating Lowered by Zacks Research

Affirm (NASDAQ:AFRM) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on AFRM. JPMorgan Chase & Co. upped their price target on Affirm from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. Truist Financial boosted their price objective on shares of Affirm from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Cantor Fitzgerald upped their target price on shares of Affirm from $80.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. BMO Capital Markets increased their target price on shares of Affirm from $78.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Finally, BTIG Research reissued a “neutral” rating on shares of Affirm in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $93.62.

Affirm Price Performance

Shares of NASDAQ:AFRM opened at $76.46 on Tuesday. The firm has a market capitalization of $25.61 billion, a PE ratio of 69.51, a P/E/G ratio of 3.16 and a beta of 3.71. The company has a quick ratio of 11.32, a current ratio of 11.32 and a debt-to-equity ratio of 2.39. The company has a 50-day moving average price of $77.30 and a two-hundred day moving average price of $64.36. Affirm has a twelve month low of $42.10 and a twelve month high of $100.00.

Insider Activity at Affirm

In related news, COO Michael Linford sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $80.04, for a total value of $8,004,000.00. Following the transaction, the chief operating officer directly owned 117,984 shares in the company, valued at approximately $9,443,439.36. This represents a 45.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 11.01% of the company’s stock.

Hedge Funds Weigh In On Affirm

Hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in shares of Affirm by 7,715.3% during the 2nd quarter. California State Teachers Retirement System now owns 29,932,275 shares of the company’s stock valued at $2,440,977,000 after purchasing an additional 29,549,277 shares during the last quarter. Norges Bank purchased a new position in shares of Affirm during the 4th quarter valued at about $281,961,000. Invesco Ltd. lifted its position in Affirm by 294.2% in the 3rd quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock worth $316,706,000 after buying an additional 3,234,260 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Affirm by 11,042.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock worth $157,004,000 after buying an additional 2,141,881 shares in the last quarter. Finally, Atreides Management LP grew 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 valued at $136,751,000 after acquiring an additional 1,670,429 shares during the last quarter. Hedge funds and other institutional investors 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.