Bank of America Corp DE Has $127.12 Million Position in Affirm Holdings, Inc. $AFRM

Key Points

• Bank of America sharply reduced its Affirm stake by 83.7% in the first quarter, selling 14.29 million shares and retaining 2.77 million shares worth approximately $127.1 million. Institutional investors and hedge funds collectively own 69.29% of Affirm.
• Affirm reported quarterly EPS of $0.30, exceeding estimates of $0.17, while revenue rose 32.7% year over year to $943.95 million, though it fell short of the $995.27 million consensus forecast.
• Wall Street remains broadly positive, with an average “Moderate Buy” rating and a $92.74 price target versus the stock’s recent $76.58 price; however, insiders have also sold shares through pre-arranged trading plans.

Bank of America Corp DE lowered its position in Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) by 83.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,774,298 shares of the company's stock after selling 14,290,432 shares during the period. Bank of America Corp DE owned about 0.83% of Affirm worth $127,118,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. SBI Securities Co. Ltd. grew its stake in shares of Affirm by 83.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 48,504 shares of the company's stock worth $3,610,000 after acquiring an additional 22,054 shares in the last quarter. Capelight Capital Asset Management LP acquired a new stake in Affirm in the 4th quarter valued at about $4,912,000. Geode Capital Management LLC lifted its position in shares of Affirm by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 5,501,387 shares of the company's stock valued at $408,433,000 after buying an additional 329,312 shares during the last quarter. Vanguard Group Inc. boosted its position in Affirm by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 24,847,206 shares of the company's stock worth $1,849,378,000 after purchasing an additional 428,138 shares during the period. Finally, Legal & General Group Plc grew its stake in Affirm by 25.4% in the 4th quarter. Legal & General Group Plc now owns 605,521 shares of the company's stock valued at $45,069,000 after buying an additional 122,584 shares during the last quarter. 69.29% of the stock is currently owned by institutional investors and hedge funds.

Affirm Trading Down 2.4%

NASDAQ:AFRM opened at $76.58 on Friday. The firm has a 50-day moving average price of $75.16 and a two-hundred day moving average price of $63.42. The firm has a market cap of $25.65 billion, a price-to-earnings ratio of 69.62, a price-to-earnings-growth ratio of 3.19 and a beta of 3.71. Affirm Holdings, Inc. has a 52 week low of $42.10 and a 52 week high of $100.00. The company has a debt-to-equity ratio of 2.39, a quick ratio of 11.32 and a current ratio of 11.32.

Affirm (NASDAQ:AFRM - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.13. Affirm had a return on equity of 11.17% and a net margin of 9.63%.The firm had revenue of $943.95 million during the quarter, compared to the consensus estimate of $995.27 million. During the same quarter in the prior year, the company earned $0.01 EPS. The business's revenue for the quarter was up 32.7% on a year-over-year basis. On average, equities analysts expect that Affirm Holdings, Inc. will post 1.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AFRM shares. Needham & Company LLC increased their price objective on Affirm from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Citigroup upped their price objective on Affirm from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday, July 1st. Truist Financial boosted their target price on shares of Affirm from $80.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. BTIG Research reiterated a "neutral" rating on shares of Affirm in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Affirm from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $92.74.

Insider Activity

In related news, COO Michael Linford sold 100,000 shares of the business's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $80.04, for a total value of $8,004,000.00. Following the sale, the chief operating officer directly owned 117,984 shares in the company, valued at approximately $9,443,439.36. The trade was a 45.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Noel Bertram Watson sold 2,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $65.00, for a total value of $130,000.00. Following the sale, the director owned 36,076 shares in the company, valued at approximately $2,344,940. This represents a 5.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 11.01% of the company's stock.

Affirm Profile

Affirm Holdings, Inc is a financial technology company that provides point-of-sale consumer lending and payments solutions for online and in-store purchases. Its core product is a buy-now-pay-later (BNPL) platform that enables consumers to split purchases into fixed, transparent installment loans with no hidden fees. Affirm offers a range of financing options through merchant integrations, a consumer-facing mobile app and virtual card capabilities, and tools for merchants to offer alternative payment methods at checkout.

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