Affirm (NASDAQ:AFRM) Shares Gap Down - Here's What Happened

Affirm Holdings, Inc. (NASDAQ:AFRM - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $64.72, but opened at $62.26. Affirm shares last traded at $64.93, with a volume of 2,277,905 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on AFRM. Citigroup reissued an "overweight" rating on shares of Affirm in a research note on Monday, June 30th. TD Cowen began coverage on shares of Affirm in a research note on Tuesday, April 8th. They issued a "buy" rating and a $50.00 price target for the company. Evercore ISI began coverage on shares of Affirm in a research note on Wednesday, April 9th. They set an "outperform" rating and a $50.00 price objective for the company. Seaport Res Ptn raised shares of Affirm to a "hold" rating in a research note on Monday, March 24th. Finally, BTIG Research downgraded shares of Affirm from a "buy" rating to a "neutral" rating in a research note on Monday. Ten research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.90.

Affirm Trading Down 1.0%

The firm has a market cap of $20.66 billion, a PE ratio of -305.00, a PEG ratio of 2.35 and a beta of 3.63. The company has a quick ratio of 11.47, a current ratio of 11.47 and a debt-to-equity ratio of 2.55. The stock's fifty day simple moving average is $58.56 and its two-hundred day simple moving average is $56.40.

Affirm (NASDAQ:AFRM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.10. Affirm had a negative net margin of 2.07% and a negative return on equity of 2.22%. The business had revenue of $783.14 million for the quarter, compared to analysts' expectations of $782.98 million. During the same quarter in the prior year, the company earned ($0.43) earnings per share. The business's revenue was up 35.9% compared to the same quarter last year. On average, sell-side analysts forecast that Affirm Holdings, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, Director Christa S. Quarles sold 754 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $67.43, for a total transaction of $50,842.22. Following the sale, the director owned 137,241 shares in the company, valued at $9,254,160.63. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Keith Rabois sold 16,089 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $51.00, for a total transaction of $820,539.00. Following the sale, the director owned 29,343 shares in the company, valued at approximately $1,496,493. The trade was a 35.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,247 shares of company stock valued at $6,422,823. Company insiders own 11.82% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC grew its stake in Affirm by 59.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,878 shares of the company's stock valued at $114,000 after acquiring an additional 700 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Affirm by 106.3% in the 4th quarter. Victory Capital Management Inc. now owns 65,819 shares of the company's stock valued at $4,008,000 after purchasing an additional 33,907 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Affirm in the 4th quarter valued at about $8,831,000. Raymond James Financial Inc. purchased a new position in shares of Affirm in the 4th quarter worth approximately $14,591,000. Finally, Independent Advisor Alliance grew its position in Affirm by 9.6% during the 4th quarter. Independent Advisor Alliance now owns 18,024 shares of the company's stock worth $1,098,000 after purchasing an additional 1,575 shares during 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.