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 report published on Tuesday, Marketbeat reports. Bank of America currently has $36.00 price target on the stock.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group reissued a buy rating and issued a $42.00 price target on shares of Affirm in a report on Monday, June 24th. BMO Capital Markets decreased their target price on shares of Affirm from $48.00 to $46.00 and set a market perform rating on the stock in a research report on Friday, May 10th. Barclays decreased their target price on shares of Affirm from $50.00 to $41.00 and set an overweight rating on the stock in a research report on Tuesday, April 16th. Needham & Company LLC reiterated a hold rating on shares of Affirm in a research report on Thursday, May 9th. Finally, JMP Securities started coverage on shares of Affirm in a research report on Friday, June 28th. They issued a market perform rating on the stock. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $32.85.

Affirm Stock Down 2.5 %

AFRM opened at $25.77 on Tuesday. The company has a 50 day moving average of $29.90 and a 200 day moving average of $34.17. The company has a market cap of $7.97 billion, a PE ratio of -11.56 and a beta of 3.45. Affirm has a 12 month low of $13.67 and a 12 month high of $52.48. The company has a current ratio of 12.94, a quick ratio of 12.94 and a debt-to-equity ratio of 2.43.

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

Insider Activity

In related news, Director Keith Rabois sold 9,276 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $29.89, for a total transaction of $277,259.64. Following the sale, the director now owns 73,623 shares of the company’s stock, valued at $2,200,591.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.05% of the company’s stock.

Institutional Investors Weigh In On Affirm

Hedge funds have recently bought and sold shares of the business. Ridgewood Investments LLC bought a new stake in Affirm during the second quarter worth about $27,000. Raleigh Capital Management Inc. bought a new stake in Affirm during the fourth quarter worth about $33,000. Global Wealth Strategies & Associates lifted its stake in shares of Affirm by 94.0% in the first quarter. Global Wealth Strategies & Associates now owns 970 shares of the company’s stock worth $36,000 after buying an additional 470 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Affirm by 82.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,195 shares of the company’s stock worth $36,000 after buying an additional 540 shares in the last quarter. Finally, ORG Partners LLC lifted its stake in shares of Affirm by 80.0% in the second quarter. ORG Partners LLC now owns 1,240 shares of the company’s stock worth $37,000 after buying an additional 551 shares in the last quarter. Institutional investors own 69.29% of the company’s stock.

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.