Affirm (NASDAQ:AFRM) Stock Price Up 5.9% - Here's What Happened

Affirm Holdings, Inc. (NASDAQ:AFRM - Get Free Report)'s share price traded up 5.9% on Wednesday . The company traded as high as $63.89 and last traded at $64.58. 1,419,502 shares traded hands during trading, a decline of 83% from the average session volume of 8,566,632 shares. The stock had previously closed at $61.00.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JMP Securities decreased their price target on Affirm from $85.00 to $75.00 and set a "market outperform" rating for the company in a report on Friday, May 9th. Barclays restated an "overweight" rating and issued a $67.00 target price (up from $53.00) on shares of Affirm in a research note on Monday, June 9th. Evercore ISI began coverage on Affirm in a research note on Wednesday, April 9th. They issued an "outperform" rating and a $50.00 target price for the company. Bank of America raised their target price on Affirm from $76.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Truist Financial initiated coverage on shares of Affirm in a research report on Monday, June 2nd. They issued a "buy" rating and a $58.00 price target on the stock. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.05.

Affirm Price Performance

The company has a current ratio of 11.26, a quick ratio of 11.26 and a debt-to-equity ratio of 2.68. The company has a market cap of $19.07 billion, a P/E ratio of -90.94 and a beta of 3.58. The business's fifty day moving average is $50.05 and its 200 day moving average is $56.88.

Affirm (NASDAQ:AFRM - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.10. Affirm had a negative net margin of 7.10% and a negative return on equity of 7.25%. The company had revenue of $783.14 million for the quarter, compared to analysts' expectations of $782.98 million. During the same quarter in the previous year, the firm posted ($0.43) EPS. Affirm's revenue was up 35.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Affirm Holdings, Inc. will post -0.18 EPS for the current year.

Insider Activity at Affirm

In other news, Director Keith Rabois sold 16,088 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $45.41, for a total transaction of $730,556.08. Following the completion of the transaction, the director now directly owns 45,432 shares in the company, valued at $2,063,067.12. The trade was a 26.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Noel Bertram Watson sold 2,500 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $45.78, for a total transaction of $114,450.00. Following the transaction, the director now owns 38,997 shares of the company's stock, valued at $1,785,282.66. This trade represents a 6.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,677 shares of company stock worth $1,665,545. Corporate insiders own 11.82% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AFRM. Allworth Financial LP grew its position in Affirm by 63.7% in the first quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $27,000 after acquiring an additional 219 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Affirm in the fourth quarter worth $28,000. Coppell Advisory Solutions LLC bought a new stake in Affirm in the fourth quarter worth $40,000. Strategic Investment Solutions Inc. IL bought a new stake in Affirm in the fourth quarter worth $43,000. Finally, Creative Financial Designs Inc. ADV lifted its stake in Affirm by 640.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 740 shares of the company's stock worth $45,000 after purchasing an additional 640 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.