Bank of America Issues Positive Forecast for Affirm (NASDAQ:AFRM) Stock Price

Affirm (NASDAQ:AFRM) had its price target boosted by Bank of America from $50.00 to $74.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on AFRM. The Goldman Sachs Group boosted their target price on Affirm from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Affirm from $47.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Wedbush upgraded Affirm from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $25.00 to $45.00 in a report on Monday, October 14th. Mizuho lifted their price objective on Affirm from $65.00 to $69.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Susquehanna lifted their price objective on Affirm from $52.00 to $57.00 and gave the company a “positive” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Affirm has an average rating of “Hold” and a consensus price target of $50.44.

Affirm Price Performance

Affirm stock opened at $66.55 on Friday. The firm has a market capitalization of $20.90 billion, a P/E ratio of -46.87 and a beta of 3.47. Affirm has a 1 year low of $22.25 and a 1 year high of $70.03. The business has a 50-day moving average of $46.89 and a 200-day moving average of $36.76. The company has a current ratio of 12.60, a quick ratio of 12.60 and a debt-to-equity ratio of 2.50.

Affirm (NASDAQ:AFRM) last posted its earnings results on Thursday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.05. The company had revenue of $698.48 million during the quarter, compared to analyst estimates of $661.39 million. Affirm had a negative return on equity of 12.57% and a negative net margin of 17.67%. During the same period in the previous year, the company earned ($0.57) EPS. On average, equities analysts anticipate that Affirm will post -0.53 EPS for the current year.

Insider Buying and Selling at Affirm

In other news, President Libor Michalek sold 77,105 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $64.08, for a total transaction of $4,940,888.40. Following the sale, the president now owns 159,449 shares in the company, valued at $10,217,491.92. This represents a 32.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christa S. Quarles sold 14,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total value of $576,288.00. Following the sale, the director now owns 141,903 shares in the company, valued at approximately $5,678,958.06. This represents a 9.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 580,843 shares of company stock worth $32,256,766. Corporate insiders own 12.41% of the company’s stock.

Institutional Investors Weigh In On Affirm

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Spyglass Capital Management LLC raised its stake in shares of Affirm by 9.3% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,348,095 shares of the company’s stock worth $95,849,000 after purchasing an additional 200,449 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Affirm by 44.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,203,210 shares of the company’s stock worth $89,935,000 after purchasing an additional 672,883 shares in the last quarter. Dragoneer Investment Group LLC acquired a new position in shares of Affirm during the 2nd quarter worth approximately $45,219,000. Bank of New York Mellon Corp increased its holdings in shares of Affirm by 25.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 866,946 shares of the company’s stock worth $26,190,000 after acquiring an additional 176,675 shares during the last quarter. Finally, Artemis Investment Management LLP acquired a new position in shares of Affirm during the 3rd quarter worth approximately $30,808,000. Institutional investors own 69.29% of the company’s stock.

Affirm Company Profile

Affirm Holdings, Inc operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time with terms ranging up to 60 months.