Affirm (NASDAQ:AFRM) Given New $88.00 Price Target at Truist Financial

Key Points

• Truist Financial raised Affirm’s price target from $85 to $88 and maintained a “buy” rating, implying approximately 24.5% upside from the reported $70.70 share price.
• Analyst sentiment remains favorable: Affirm has a consensus “Moderate Buy” rating, with 24 buy ratings and eight holds, and an average price target of $97.81.
• Affirm reported quarterly adjusted earnings of $4.62 per share, significantly exceeding the $0.35 consensus estimate, while revenue rose 33.1% year over year to $1.07 billion; insiders have sold more than $22 million of stock over the past 90 days.

Affirm (NASDAQ:AFRM - Get Free Report) had its target price increased by research analysts at Truist Financial from $85.00 to $88.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective indicates a potential upside of 24.46% from the company's current price.

Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird raised their price objective on shares of Affirm from $70.00 to $82.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Susquehanna boosted their price objective on shares of Affirm from $105.00 to $110.00 and gave the stock a "positive" rating in a research report on Friday, August 28th. Wells Fargo & Company upped their price objective on Affirm from $89.00 to $96.00 and gave the stock an "overweight" rating in a report on Wednesday, July 8th. Oppenheimer increased their price objective on Affirm from $100.00 to $104.00 and gave the company an "outperform" rating in a research report on Friday, August 28th. Finally, Sanford C. Bernstein boosted their target price on Affirm from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, August 31st. Twenty-four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $97.81.

Affirm Price Performance

Shares of AFRM stock traded down $1.70 during trading hours on Friday, hitting $70.70. 1,045,795 shares of the company's stock were exchanged, compared to its average volume of 5,143,522. The stock's 50-day moving average is $73.43 and its 200-day moving average is $71.30. The company has a debt-to-equity ratio of 1.82, a current ratio of 11.80 and a quick ratio of 11.80. The stock has a market cap of $23.86 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 2.95 and a beta of 3.82. Affirm has a 52 week low of $42.10 and a 52 week high of $90.44.

Affirm (NASDAQ:AFRM - Get Free Report) last announced its earnings results on Thursday, August 27th. The company reported $4.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $4.27. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.11 billion. Affirm had a return on equity of 47.91% and a net margin of 45.29%. The firm's quarterly revenue was up 33.1% compared to the same quarter last year. During the same period last year, the company posted $0.20 earnings per share. As a group, research analysts forecast that Affirm will post 1.91 EPS for the current year.

Insider Buying and Selling

In other Affirm news, insider Katherine Adkins sold 41,664 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $75.53, for a total value of $3,146,881.92. Following the transaction, the insider owned 152,439 shares of the company's stock, valued at approximately $11,513,717.67. This represents a 21.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siphelele Jiyane sold 26,980 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $72.19, for a total value of $1,947,686.20. Following the transaction, the chief accounting officer owned 188,711 shares in the company, valued at approximately $13,623,047.09. This trade represents a 12.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 280,118 shares of company stock worth $22,223,307. Company insiders own 11.01% of the company's stock.

Hedge Funds Weigh In On Affirm

Institutional investors and hedge funds have recently made changes to their positions in the company. Reyes Financial Architecture Inc. bought a new position in Affirm during the third quarter worth about $31,000. Mather Group LLC. grew its stake in Affirm by 52.9% in the third quarter. Mather Group LLC. now owns 613 shares of the company's stock valued at $42,000 after acquiring an additional 212 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Affirm in the first quarter worth about $34,000. Ascentis Independent Advisors bought a new stake in shares of Affirm in the first quarter worth about $41,000. Finally, CX Institutional raised its position in shares of Affirm by 2,724.3% during the second quarter. CX Institutional now owns 1,045 shares of the company's stock worth $85,000 after purchasing an additional 1,008 shares during the period. Institutional investors and hedge funds own 69.29% of the company's stock.

Affirm Company Profile

Affirm Holdings, Inc NASDAQ: AFRM operates a financial technology platform that provides consumers with flexible payment options at the point of sale. Its services allow shoppers to split eligible purchases into scheduled installments, with terms and costs disclosed before a transaction is completed.

Affirm's platform is available through online and mobile checkout experiences, as well as through the Affirm app. Its product offerings include buy now, pay later financing, the Affirm Card, and savings products.

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