Truist Financial Forecasts Strong Price Appreciation for Affirm (NASDAQ:AFRM) Stock

Affirm (NASDAQ:AFRM) had its price objective hoisted by equities researchers at Truist Financial from $58.00 to $72.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 4.50% from the stock’s current price.

A number of other research analysts also recently issued reports on AFRM. Seaport Res Ptn raised Affirm to a “hold” rating in a report on Monday, March 24th. UBS Group lowered their price target on Affirm from $62.00 to $56.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. TD Cowen started coverage on Affirm in a report on Tuesday, April 8th. They set a “buy” rating and a $50.00 price target on the stock. Susquehanna raised Affirm from a “neutral” rating to a “positive” rating and set a $65.00 price target on the stock in a report on Friday, May 9th. Finally, Wall Street Zen downgraded Affirm from a “buy” rating to a “hold” rating in a report on Friday, June 6th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.71.

Affirm Trading Down 0.8%

NASDAQ AFRM opened at $68.90 on Thursday. Affirm has a 12 month low of $22.25 and a 12 month high of $82.53. The stock has a market cap of $22.23 billion, a P/E ratio of -328.10, a P/E/G ratio of 2.41 and a beta of 3.63. The stock’s fifty day moving average price is $60.17 and its 200-day moving average price is $56.64. The company has a current ratio of 11.47, a quick ratio of 11.47 and a debt-to-equity ratio of 2.55.

Affirm (NASDAQ:AFRM) last released its earnings results on Thursday, May 8th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. Affirm had a negative return on equity of 2.22% and a negative net margin of 2.07%. The firm had revenue of $783.14 million for the quarter, compared to analysts’ expectations of $782.98 million. During the same period in the prior year, the firm posted ($0.43) earnings per share. The company’s quarterly revenue was up 35.9% on a year-over-year basis. As a group, equities analysts forecast that Affirm will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, insider Katherine Adkins sold 57,102 shares of Affirm stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $70.27, for a total transaction of $4,012,557.54. Following the transaction, the insider directly owned 112,467 shares of the company’s stock, valued at $7,903,056.09. The trade was a 33.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christa S. Quarles sold 754 shares of Affirm stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $67.43, for a total value of $50,842.22. Following the transaction, the director directly owned 137,241 shares in the company, valued at approximately $9,254,160.63. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,247 shares of company stock worth $6,422,823. 11.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in shares of Affirm by 2.0% during the 4th quarter. Capital Research Global Investors now owns 24,264,396 shares of the company’s stock valued at $1,477,747,000 after buying an additional 470,409 shares in the last quarter. Vanguard Group Inc. raised its stake in Affirm by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 23,272,997 shares of the company’s stock valued at $1,051,707,000 after purchasing an additional 1,457,434 shares during the period. Capital World Investors raised its stake in Affirm by 0.4% during the 4th quarter. Capital World Investors now owns 18,339,165 shares of the company’s stock valued at $1,116,861,000 after purchasing an additional 72,582 shares during the period. Durable Capital Partners LP raised its stake in Affirm by 12.3% during the 1st quarter. Durable Capital Partners LP now owns 6,580,882 shares of the company’s stock valued at $297,390,000 after purchasing an additional 722,599 shares during the period. Finally, Jericho Capital Asset Management L.P. raised its stake in Affirm by 11.6% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 5,198,039 shares of the company’s stock valued at $316,561,000 after purchasing an additional 538,892 shares during the period. 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.