Bank of New York Mellon Corp Has $46.90 Million Position in Affirm Holdings, Inc. $AFRM

Key Points

• Bank of New York Mellon cut its Affirm stake by 17.9% in the first quarter, but still held 1,023,643 shares valued at about $46.9 million at quarter-end.
• Insiders sold shares recently, including COO Michael Linford’s sale of 100,000 shares for about $8.0 million and Director Noel Bertram Watson’s sale of 2,000 shares.
• Affirm reported better-than-expected quarterly EPS of $0.30 and revenue growth of 32.7% year over year, while analysts now have a consensus rating of Moderate Buy with an average price target of $92.74.

Bank of New York Mellon Corp lessened its position in shares of Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) by 17.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,023,643 shares of the company's stock after selling 223,489 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Affirm worth $46,903,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AFRM. Greenline Wealth Management LLC bought a new stake in shares of Affirm during the fourth quarter worth approximately $26,000. Syntegra Private Wealth Group LLC acquired a new stake in shares of Affirm during the first quarter worth $28,000. Triumph Capital Management acquired a new stake in shares of Affirm during the third quarter worth $31,000. CoreCap Advisors LLC grew its position in shares of Affirm by 431.3% during the 4th quarter. CoreCap Advisors LLC now owns 441 shares of the company's stock worth $33,000 after buying an additional 358 shares during the period. Finally, Strive Financial Group LLC bought a new stake in shares of Affirm in the 4th quarter valued at about $33,000. Institutional investors own 69.29% of the company's stock.

Insider Buying and Selling at Affirm

In related news, COO Michael Linford sold 100,000 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $80.04, for a total transaction of $8,004,000.00. Following the completion of the transaction, the chief operating officer directly owned 117,984 shares in the company, valued at $9,443,439.36. This represents a 45.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 that occurred on Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total transaction of $130,000.00. Following the completion of the transaction, the director directly owned 36,076 shares of the company's stock, valued at approximately $2,344,940. The trade was 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. 11.01% of the stock is owned by corporate insiders.

Affirm Price Performance

AFRM stock opened at $70.23 on Friday. The company's 50-day moving average price is $73.92 and its two-hundred day moving average price is $63.76. Affirm Holdings, Inc. has a 12 month low of $42.10 and a 12 month high of $100.00. The company has a quick ratio of 11.32, a current ratio of 11.32 and a debt-to-equity ratio of 2.39. The firm has a market cap of $23.52 billion, a P/E ratio of 63.85, a P/E/G ratio of 2.90 and a beta of 3.67.

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

Analysts Set New Price Targets

Several brokerages have issued reports on AFRM. UBS Group increased their price target on Affirm from $78.00 to $82.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Sanford C. Bernstein started coverage on shares of Affirm in a research note on Tuesday. They issued an "outperform" rating and a $100.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Affirm from $89.00 to $96.00 and gave the company an "overweight" rating in a report on Wednesday, July 8th. Truist Financial increased their price objective on shares of Affirm from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Stephens upped their target price on shares of Affirm from $55.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $92.74.

Affirm Company 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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