Truist Financial Issues Pessimistic Forecast for Affirm (NASDAQ:AFRM) Stock Price

Affirm (NASDAQ:AFRM) had its target price dropped by investment analysts at Truist Financial from $85.00 to $71.00 in a report issued on Friday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 38.97% from the stock’s previous close.

AFRM has been the topic of a number of other research reports. Wall Street Zen downgraded Affirm from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Affirm from $94.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Needham & Company LLC decreased their target price on shares of Affirm from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Morgan Stanley upgraded shares of Affirm from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $83.00 to $76.00 in a report on Tuesday, February 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Affirm in a report on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Affirm Stock Performance

Shares of NASDAQ AFRM opened at $51.09 on Friday. The stock’s fifty day simple moving average is $68.40 and its 200 day simple moving average is $73.14. The stock has a market capitalization of $17.02 billion, a price-to-earnings ratio of 63.07, a PEG ratio of 1.91 and a beta of 3.56. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 2.58. Affirm has a 52-week low of $30.90 and a 52-week high of $100.00.

Affirm (NASDAQ:AFRM) last released its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. Affirm had a net margin of 7.60% and a return on equity of 8.83%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the firm posted $0.23 earnings per share. The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Affirm will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Affirm

In other Affirm news, CFO Robert O’hare sold 36,401 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $80.00, for a total value of $2,912,080.00. Following the sale, the chief financial officer owned 1,368 shares of the company’s stock, valued at $109,440. This trade represents a 96.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Max R. Levchin sold 666,666 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $80.62, for a total transaction of $53,746,612.92. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 711,256 shares of company stock valued at $57,231,923. 11.01% of the stock is owned by corporate insiders.

Institutional Trading of Affirm

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Affirm in the fourth quarter valued at $281,961,000. Invesco Ltd. raised its stake in shares of Affirm by 294.2% in the 3rd quarter. Invesco Ltd. now owns 4,333,691 shares of the company’s stock valued at $316,706,000 after buying an additional 3,234,260 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Affirm by 11,042.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,161,278 shares of the company’s stock worth $157,004,000 after acquiring an additional 2,141,881 shares during the period. Atreides Management LP lifted its holdings in shares of Affirm by 543.3% during the 2nd quarter. Atreides Management LP now owns 1,977,882 shares of the company’s stock worth $136,751,000 after acquiring an additional 1,670,429 shares during the period. Finally, State Street Corp boosted its position in shares of Affirm by 26.7% during the 3rd quarter. State Street Corp now owns 5,641,965 shares of the company’s stock valued at $412,315,000 after acquiring an additional 1,187,665 shares in the last quarter. Institutional investors and hedge funds own 69.29% of the company’s stock.

Affirm Company 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.