Affirm (NASDAQ:AFRM) Upgraded to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Affirm (NASDAQ:AFRM) from an equal weight rating to an overweight rating in a research note published on Friday morning, MarketBeat Ratings reports. The firm currently has $52.00 target price on the stock, up from their prior target price of $40.00.

AFRM has been the subject of a number of other reports. Bank of America increased their target price on shares of Affirm from $36.00 to $42.00 and gave the stock a buy rating in a report on Thursday, August 29th. JMP Securities assumed coverage on shares of Affirm in a research report on Friday, June 28th. They set a market perform rating on the stock. Wedbush lifted their price objective on Affirm from $20.00 to $25.00 and gave the company an underperform rating in a research report on Thursday, August 29th. Morgan Stanley raised Affirm from an underweight rating to an equal weight rating and increased their target price for the stock from $22.00 to $37.00 in a research report on Wednesday. Finally, Susquehanna assumed coverage on Affirm in a research report on Friday, September 20th. They set a positive rating and a $52.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $39.82.

Affirm Stock Performance

Shares of NASDAQ AFRM opened at $47.08 on Friday. The stock has a market cap of $14.65 billion, a price-to-earnings ratio of -28.02 and a beta of 3.50. The stock’s 50-day moving average is $36.84 and its 200 day moving average is $33.29. The company has a current ratio of 13.07, a quick ratio of 13.07 and a debt-to-equity ratio of 2.41. Affirm has a 1-year low of $15.97 and a 1-year high of $52.48.

Affirm (NASDAQ:AFRM) last released its earnings results on Wednesday, August 28th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.31. Affirm had a negative net margin of 22.29% and a negative return on equity of 15.55%. The company had revenue of $659.19 million for the quarter, compared to analyst estimates of $599.50 million. On average, sell-side analysts anticipate that Affirm will post -0.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith Rabois sold 9,275 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.90, for a total value of $249,497.50. Following the sale, the director now directly owns 64,348 shares in the company, valued at approximately $1,730,961.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Christa S. Quarles sold 14,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $40.02, for a total transaction of $576,288.00. Following the completion of the transaction, the director now directly owns 141,903 shares in the company, valued at $5,678,958.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith Rabois sold 9,275 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.90, for a total value of $249,497.50. Following the sale, the director now directly owns 64,348 shares in the company, valued at $1,730,961.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,075 shares of company stock worth $4,803,786 in the last three months. Corporate insiders own 13.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new position in shares of Affirm in the 2nd quarter valued at $27,000. ORG Wealth Partners LLC acquired a new position in shares of Affirm during the 3rd quarter worth approximately $29,000. Raleigh Capital Management Inc. purchased a new position in Affirm in the 4th quarter valued at about $33,000. Global Wealth Strategies & Associates raised its holdings in Affirm by 94.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 970 shares of the company’s stock valued at $36,000 after acquiring an additional 470 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings 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 valued at $36,000 after purchasing an additional 540 shares during the last quarter. 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.