BIT Capital GmbH Acquires Shares of 576,674 Affirm Holdings, Inc. (NASDAQ:AFRM)

Key Points

• BIT Capital GmbH has acquired 576,674 shares of Affirm Holdings, Inc., valued at approximately $26.06 million, making it the fund's 14th largest position.
• Recent analyst ratings show a mix of opinions on Affirm, with UBS lowering its price target to $56 and TD Cowen initiating coverage with a "buy" rating and a $50 price objective.
• Insider trading activity includes significant sales by directors, with a total of 80,158 shares sold in the last ninety days, indicating a potential decrease in insider confidence.

BIT Capital GmbH acquired a new stake in shares of Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 576,674 shares of the company's stock, valued at approximately $26,060,000. Affirm accounts for about 2.2% of BIT Capital GmbH's holdings, making the stock its 14th biggest position. BIT Capital GmbH owned about 0.18% of Affirm at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in Affirm by 12.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,633 shares of the company's stock valued at $435,000 after buying an additional 1,090 shares during the period. Valliance Asset Management Ltd purchased a new position in shares of Affirm in the 1st quarter worth about $1,130,000. Integrated Investment Consultants LLC purchased a new position in Affirm in the 1st quarter worth about $8,703,000. HB Wealth Management LLC raised its position in Affirm by 2.2% in the 1st quarter. HB Wealth Management LLC now owns 11,471 shares of the company's stock worth $518,000 after buying an additional 252 shares during the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in Affirm in the 1st quarter worth about $3,023,000. Hedge funds and other institutional investors own 69.29% of the company's stock.

Insider Transactions at Affirm

In related news, CFO Robert O'hare sold 19,802 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $70.03, for a total transaction of $1,386,734.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Noel Bertram Watson sold 2,500 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $60.86, for a total value of $152,150.00. Following the sale, the director owned 36,497 shares in the company, valued at $2,221,207.42. The trade was a 6.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,158 shares of company stock valued at $5,602,284 over the last 90 days. Insiders own 11.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stephens assumed coverage on Affirm in a research report on Thursday, June 12th. They issued an "equal weight" rating and a $69.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Affirm in a research report on Thursday, July 17th. They issued a "buy" rating and a $78.00 target price for the company. Wells Fargo & Company decreased their target price on Affirm from $85.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. decreased their target price on Affirm from $74.00 to $69.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Affirm in a research report on Wednesday, July 2nd. Eleven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Affirm has an average rating of "Moderate Buy" and a consensus target price of $68.09.

Affirm Price Performance

AFRM stock traded down $2.63 during midday trading on Tuesday, hitting $72.16. The company's stock had a trading volume of 2,618,571 shares, compared to its average volume of 7,168,978. The firm has a market capitalization of $23.28 billion, a price-to-earnings ratio of -343.38, a price-to-earnings-growth ratio of 2.46 and a beta of 3.63. Affirm Holdings, Inc. has a 12 month low of $23.89 and a 12 month high of $82.53. The company has a 50 day moving average of $63.74 and a two-hundred day moving average of $57.22. The company has a quick ratio of 11.47, a current ratio of 11.47 and a debt-to-equity ratio of 2.55.

Affirm (NASDAQ:AFRM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.10. The business had revenue of $783.14 million for the quarter, compared to analysts' expectations of $782.98 million. Affirm had a negative return on equity of 2.22% and a negative net margin of 2.07%. The company's revenue for the quarter was up 35.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.43) EPS. On average, analysts expect that Affirm Holdings, Inc. will post -0.18 EPS for the current year.

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.