Affirm (NASDAQ:AFRM) Upgraded to “Overweight” by Wells Fargo & Company

Affirm (NASDAQ:AFRM) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Friday, Briefing.com reports. The firm currently has a $52.00 target price on the stock, up from their previous target price of $40.00. Wells Fargo & Company‘s price target points to a potential upside of 23.78% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. JMP Securities began coverage on Affirm in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. increased their target price on shares of Affirm from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $46.00 price objective on shares of Affirm in a research report on Friday, October 4th. Susquehanna assumed coverage on shares of Affirm in a research note on Friday, September 20th. They set a “positive” rating and a $52.00 target price on the stock. Finally, Wedbush increased their price target on Affirm from $20.00 to $25.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.82.

Affirm Stock Performance

AFRM opened at $42.01 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 13.07 and a current ratio of 13.07. Affirm has a 52-week low of $15.97 and a 52-week high of $52.48. The firm has a market cap of $13.07 billion, a P/E ratio of -25.01 and a beta of 3.50. The business’s fifty day moving average is $36.41 and its 200-day moving average is $33.22.

Affirm (NASDAQ:AFRM) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.31. Affirm had a negative net margin of 22.29% and a negative return on equity of 15.55%. The firm had revenue of $659.19 million for the quarter, compared to the consensus estimate of $599.50 million. Sell-side analysts expect that Affirm will post -0.82 EPS for the current fiscal year.

Insider Activity

In related news, insider Katherine Adkins sold 82,316 shares of Affirm stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $45.00, for a total value of $3,704,220.00. Following the completion of the sale, the insider now owns 91,499 shares of the company’s stock, valued at approximately $4,117,455. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Keith Rabois sold 9,275 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.90, for a total value of $249,497.50. Following the completion of the transaction, the director now directly owns 64,348 shares of the company’s stock, valued at $1,730,961.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Katherine Adkins sold 82,316 shares of Affirm stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $45.00, for a total value of $3,704,220.00. Following the sale, the insider now owns 91,499 shares in the company, valued at $4,117,455. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,075 shares of company stock worth $4,803,786 over the last quarter. 13.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Affirm

Several large investors have recently made changes to their positions in AFRM. Dragoneer Investment Group LLC bought a new stake in shares of Affirm in the 2nd quarter worth approximately $45,219,000. Vanguard Group Inc. lifted its position in shares of Affirm by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 20,823,803 shares of the company’s stock valued at $775,895,000 after buying an additional 1,316,901 shares during the last quarter. Artemis Investment Management LLP purchased a new position in shares of Affirm during the 3rd quarter valued at $30,808,000. Baillie Gifford & Co. grew its stake in shares of Affirm by 4.2% during the 1st quarter. Baillie Gifford & Co. now owns 18,732,407 shares of the company’s stock worth $697,969,000 after acquiring an additional 749,368 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new stake in Affirm in the 1st quarter valued at about $20,150,000. 69.29% of the stock is owned by hedge funds and other institutional investors.

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.