Fred Alger Management LLC Invests $723,000 in Affirm Holdings, Inc. (NASDAQ:AFRM)

Fred Alger Management LLC purchased a new stake in Affirm Holdings, Inc. (NASDAQ:AFRM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,711 shares of the company’s stock, valued at approximately $723,000.

Several other institutional investors have also made changes to their positions in AFRM. Bank of Montreal Can raised its holdings in Affirm by 2,305.3% in the 2nd quarter. Bank of Montreal Can now owns 195,936 shares of the company’s stock valued at $6,466,000 after acquiring an additional 187,790 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Affirm in the third quarter worth $1,419,000. International Assets Investment Management LLC acquired a new position in Affirm in the third quarter valued at about $731,000. Quest Partners LLC bought a new stake in Affirm during the third quarter worth about $391,000. Finally, Entropy Technologies LP acquired a new stake in Affirm during the third quarter worth about $464,000. 69.29% of the stock is currently owned by institutional investors.

Affirm Trading Up 2.4 %

Shares of AFRM stock opened at $70.01 on Monday. Affirm Holdings, Inc. has a 1-year low of $22.25 and a 1-year high of $70.88. The company has a current ratio of 12.60, a quick ratio of 12.60 and a debt-to-equity ratio of 2.50. The stock has a market cap of $21.99 billion, a price-to-earnings ratio of -49.30 and a beta of 3.47. The stock has a 50-day moving average of $49.29 and a 200-day moving average of $37.98.

Affirm (NASDAQ:AFRM) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.05. Affirm had a negative net margin of 17.67% and a negative return on equity of 12.57%. The firm had revenue of $698.48 million during the quarter, compared to analyst estimates of $661.39 million. During the same quarter last year, the business earned ($0.57) EPS. On average, equities research analysts forecast that Affirm Holdings, Inc. will post -0.53 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AFRM. JPMorgan Chase & Co. boosted their target price on shares of Affirm from $47.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Wells Fargo & Company raised their target price on Affirm from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Susquehanna upped their price objective on Affirm from $52.00 to $57.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $46.00 target price on shares of Affirm in a research report on Friday, October 4th. Finally, The Goldman Sachs Group increased their target price on shares of Affirm from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.53.

Insider Buying and Selling at Affirm

In other Affirm news, Director Christa S. Quarles sold 14,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total value of $576,288.00. Following the transaction, the director now directly owns 141,903 shares of the company’s stock, valued at approximately $5,678,958.06. The trade was a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert O’hare sold 79,039 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $70.01, for a total transaction of $5,533,520.39. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 868,253 shares of company stock valued at $52,186,668. 12.41% of the stock is currently owned by insiders.

Affirm 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.