Bank of New York Mellon Corp Acquires Shares of 921,164 Affirm Holdings, Inc. $AFRM

Key Points

• Bank of New York Mellon acquired 921,164 Affirm shares worth approximately $75.1 million, giving it a 0.28% stake. Institutional investors and hedge funds collectively own 69.29% of Affirm.
• Affirm shares recently traded at $77.94, up 1.4%, with a market capitalization of $26.1 billion. The stock has ranged from $42.10 to $100.00 over the past year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $93.58; Goldman Sachs raised its target to $106.00. Separately, COO Michael Linford sold 100,000 shares under a pre-arranged Rule 10b5-1 plan.

Bank of New York Mellon Corp acquired a new stake in Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 921,164 shares of the company's stock, valued at approximately $75,121,000. Bank of New York Mellon Corp owned 0.28% of Affirm at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of AFRM. Greenline Wealth Management LLC acquired a new stake in Affirm in the 4th quarter valued at $26,000. Syntegra Private Wealth Group LLC acquired a new stake in shares of Affirm in the 1st quarter valued at $28,000. Triumph Capital Management acquired a new stake in shares of Affirm in the 3rd quarter valued at $31,000. Strive Financial Group LLC bought a new stake in shares of Affirm in the 4th quarter worth about $33,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Affirm in the 1st quarter worth about $34,000. 69.29% of the stock is owned by institutional investors and hedge funds.

Affirm Trading Up 1.4%

Shares of NASDAQ AFRM opened at $77.94 on Wednesday. Affirm Holdings, Inc. has a 1-year low of $42.10 and a 1-year high of $100.00. The company has a market cap of $26.10 billion, a PE ratio of 70.85, a P/E/G ratio of 3.11 and a beta of 3.71. The company has a current ratio of 11.32, a quick ratio of 11.32 and a debt-to-equity ratio of 2.39. The company has a 50-day moving average of $77.18 and a two-hundred day moving average of $64.24.

Insider Buying and Selling

In other news, COO Michael Linford sold 100,000 shares of Affirm stock in a transaction on 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 completion of the sale, the chief operating officer directly owned 117,984 shares of the company's stock, valued at approximately $9,443,439.36. This trade represents a 45.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 11.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Affirm from $90.00 to $106.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Truist Financial raised their price objective on shares of Affirm from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Sanford C. Bernstein assumed coverage on shares of Affirm in a research note on Tuesday, July 21st. They issued an "outperform" rating and a $100.00 target price for the company. BTIG Research reissued a "neutral" rating on shares of Affirm in a report on Tuesday, May 26th. Finally, Barclays assumed coverage on Affirm in a research report on Wednesday, July 8th. They set an "overweight" rating and a $97.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.58.

About Affirm

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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