Cim Investment Management Inc. Reduces Holdings in Affirm Holdings, Inc. $AFRM

Cim Investment Management Inc. reduced its stake in shares of Affirm Holdings, Inc. (NASDAQ:AFRM) by 50.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,631 shares of the company’s stock after selling 18,070 shares during the quarter. Cim Investment Management Inc.’s holdings in Affirm were worth $1,288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AFRM. Integrated Investment Consultants LLC grew its holdings in shares of Affirm by 33.5% during the third quarter. Integrated Investment Consultants LLC now owns 257,022 shares of the company’s stock worth $18,783,000 after purchasing an additional 64,444 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Affirm in the 3rd quarter valued at about $131,000. NewEdge Advisors LLC grew its stake in Affirm by 24.8% during the 3rd quarter. NewEdge Advisors LLC now owns 34,222 shares of the company’s stock worth $2,501,000 after buying an additional 6,804 shares during the last quarter. Armistice Capital LLC purchased a new position in Affirm during the 3rd quarter worth approximately $1,282,000. Finally, Caxton Associates LLP acquired a new position in Affirm during the third quarter worth approximately $2,038,000. 69.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AFRM. Wolfe Research started coverage on Affirm in a report on Tuesday, December 9th. They issued a “peer perform” rating for the company. Truist Financial cut their target price on shares of Affirm from $85.00 to $71.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Evercore reiterated an “outperform” rating on shares of Affirm in a research note on Tuesday, December 16th. Mizuho lowered their price objective on shares of Affirm from $114.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, February 9th. Finally, Morgan Stanley restated an “overweight” rating on shares of Affirm in a research note on Wednesday, March 4th. Twenty investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $84.36.

Insiders Place Their Bets

In related news, CEO Max R. Levchin sold 666,666 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $80.62, for a total transaction of $53,746,612.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert O’hare sold 36,401 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $80.00, for a total transaction of $2,912,080.00. Following the sale, the chief financial officer owned 1,368 shares in the company, valued at approximately $109,440. This trade represents a 96.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 11.01% of the stock is currently owned by corporate insiders.

Affirm Stock Performance

NASDAQ:AFRM opened at $47.56 on Wednesday. The stock has a market cap of $15.84 billion, a P/E ratio of 58.72, a PEG ratio of 1.75 and a beta of 3.61. Affirm Holdings, Inc. has a 1-year low of $30.90 and a 1-year high of $100.00. The company has a debt-to-equity ratio of 2.58, a current ratio of 11.41 and a quick ratio of 11.41. The firm has a 50-day moving average of $59.35 and a two-hundred day moving average of $69.69.

Affirm (NASDAQ:AFRM) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.06 billion. Affirm had a net margin of 7.60% and a return on equity of 8.83%. The firm’s revenue was up 29.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 EPS. On average, research analysts expect that Affirm Holdings, Inc. will post -0.18 earnings per share for the current fiscal year.

Affirm Profile

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.