Affirm (NASDAQ:AFRM) Upgraded by Bank of America to Buy

Bank of America upgraded shares of Affirm (NASDAQ:AFRM) from a neutral rating to a buy rating in a research report report published on Tuesday, MarketBeat Ratings reports. Bank of America currently has $36.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets reduced their target price on shares of Affirm from $48.00 to $46.00 and set a market perform rating on the stock in a report on Friday, May 10th. Barclays cut their price objective on shares of Affirm from $50.00 to $41.00 and set an overweight rating on the stock in a report on Tuesday, April 16th. Mizuho reissued a buy rating and set a $65.00 price objective on shares of Affirm in a report on Thursday, June 20th. Needham & Company LLC reissued a hold rating on shares of Affirm in a report on Thursday, May 9th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $43.00 price objective on shares of Affirm in a report on Friday, May 24th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $32.85.

Affirm Trading Down 2.5 %

Shares of AFRM stock opened at $25.77 on Tuesday. The company has a debt-to-equity ratio of 2.43, a current ratio of 12.94 and a quick ratio of 12.94. The firm has a market cap of $7.97 billion, a PE ratio of -11.56 and a beta of 3.45. The company has a 50-day moving average of $29.90 and a two-hundred day moving average of $34.17. Affirm has a 1-year low of $13.67 and a 1-year high of $52.48.

Affirm (NASDAQ:AFRM) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.27. Affirm had a negative net margin of 32.17% and a negative return on equity of 22.06%. The business had revenue of $576.00 million during the quarter, compared to analyst estimates of $549.99 million. During the same quarter last year, the firm posted ($0.69) earnings per share. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, analysts predict that Affirm will post -1.98 EPS for the current year.

Insider Transactions at Affirm

In related news, Director Keith Rabois sold 9,276 shares of Affirm stock in a transaction on Monday, July 1st. The shares were sold at an average price of $29.89, for a total value of $277,259.64. Following the transaction, the director now directly owns 73,623 shares in the company, valued at approximately $2,200,591.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 13.05% of the company’s stock.

Hedge Funds Weigh In On Affirm

A number of hedge funds and other institutional investors have recently bought and sold shares of AFRM. Norges Bank purchased a new position in Affirm in the 4th quarter valued at $67,310,000. Vanguard Group Inc. grew its position in Affirm by 6.8% in 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. Leo Wealth LLC purchased a new stake in shares of Affirm during the 4th quarter worth $57,647,000. Baillie Gifford & Co. boosted its position 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 purchasing an additional 749,368 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Affirm during the 1st quarter worth $20,150,000. 69.29% of the stock is currently owned by hedge funds and other institutional investors.

About Affirm

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.