Affirm (NASDAQ:AFRM) Rating Lowered to Hold at Zacks Research

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

A number of other research firms have also recently weighed in on AFRM. TD Cowen increased their price target on Affirm from $90.00 to $117.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Oppenheimer upped their price objective on shares of Affirm from $87.00 to $100.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on shares of Affirm from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. Barclays started coverage on shares of Affirm in a research note on Wednesday, July 8th. They set an “overweight” rating and a $97.00 target price for the company. Finally, Sanford C. Bernstein started coverage on shares of Affirm in a report on Tuesday, July 21st. They set an “outperform” rating and a $100.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Affirm has a consensus rating of “Moderate Buy” and a consensus price target of $93.62.

Affirm Stock Performance

Shares of NASDAQ AFRM opened at $76.46 on Tuesday. The company has a current ratio of 11.32, a quick ratio of 11.32 and a debt-to-equity ratio of 2.39. Affirm has a 12 month low of $42.10 and a 12 month high of $100.00. The stock has a 50 day moving average of $77.30 and a 200-day moving average of $64.36. The company has a market capitalization of $25.61 billion, a P/E ratio of 69.51, a P/E/G ratio of 3.16 and a beta of 3.71.

Insiders Place Their Bets

In other Affirm news, COO Michael Linford sold 100,000 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $80.04, for a total transaction of $8,004,000.00. Following the transaction, the chief operating officer owned 117,984 shares in the company, valued at $9,443,439.36. This trade represents a 45.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by insiders.

Hedge Funds Weigh In On Affirm

Several institutional investors and hedge funds have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Affirm during the second quarter worth about $6,158,000. California State Teachers Retirement System boosted its holdings in Affirm by 7,715.3% in 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 period. Readystate Asset Management LP boosted its holdings in Affirm by 4.6% in the 2nd quarter. Readystate Asset Management LP now owns 67,315 shares of the company’s stock valued at $5,490,000 after purchasing an additional 2,970 shares during the period. Aspire Capital Advisors LLC boosted its holdings in Affirm by 8.2% in the 2nd quarter. Aspire Capital Advisors LLC now owns 8,507 shares of the company’s stock valued at $694,000 after purchasing an additional 647 shares during the period. Finally, HB Wealth Management LLC grew its position in shares of Affirm by 18.7% during the 2nd quarter. HB Wealth Management LLC now owns 7,227 shares of the company’s stock worth $589,000 after purchasing an additional 1,136 shares in the last quarter. 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.