Ogborne Capital Management LLC Trims Stock Holdings in Affirm Holdings, Inc. $AFRM

Key Points

• Ogborne Capital Management cut its Affirm stake by 62.5% in the fourth quarter, selling 250,000 shares and leaving it with 150,000 shares valued at about $11.2 million.
• Affirm continues to attract mixed Wall Street views: Goldman Sachs downgraded the stock to Hold, while other firms such as Mizuho and Cantor Fitzgerald maintained bullish targets; overall, the consensus remains a Moderate Buy with an average price target of $86.20.
• The company’s latest earnings topped EPS estimates, with $0.30 per share versus $0.17 expected, and revenue rose 32.7% year over year, though revenue still came in below analyst forecasts.

Ogborne Capital Management LLC reduced its holdings in shares of Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) by 62.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 150,000 shares of the company's stock after selling 250,000 shares during the period. Affirm comprises approximately 3.5% of Ogborne Capital Management LLC's portfolio, making the stock its 9th biggest holding. Ogborne Capital Management LLC's holdings in Affirm were worth $11,164,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its position in Affirm by 26.1% during the third quarter. Envestnet Asset Management Inc. now owns 235,152 shares of the company's stock valued at $17,185,000 after acquiring an additional 48,734 shares during the last quarter. SBI Securities Co. Ltd. grew its position in Affirm by 83.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 48,504 shares of the company's stock valued at $3,610,000 after acquiring an additional 22,054 shares during the last quarter. Public Sector Pension Investment Board bought a new position in Affirm during the third quarter valued at approximately $7,103,000. Vanguard Group Inc. grew its position in Affirm by 0.9% during the third quarter. Vanguard Group Inc. now owns 24,419,068 shares of the company's stock valued at $1,784,545,000 after acquiring an additional 223,258 shares during the last quarter. Finally, Jefferies Financial Group Inc. grew its position in Affirm by 1,161.2% during the third quarter. Jefferies Financial Group Inc. now owns 171,269 shares of the company's stock valued at $12,516,000 after acquiring an additional 157,689 shares during the last quarter. 69.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Affirm

In other news, Director Noel Bertram Watson sold 2,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the sale, the director directly owned 36,076 shares of the company's stock, valued at $2,344,940. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AFRM has been the topic of a number of recent research reports. The Goldman Sachs Group cut shares of Affirm from a "buy" rating to a "hold" rating in a research report on Tuesday, February 24th. Compass Point reissued a "buy" rating and set a $68.00 price objective on shares of Affirm in a research note on Wednesday, February 18th. Cantor Fitzgerald increased their price objective on Affirm from $61.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, April 21st. Mizuho increased their price objective on Affirm from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, May 14th. Finally, Citizens Jmp dropped their price objective on Affirm from $105.00 to $85.00 and set a "market outperform" rating for the company in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Affirm presently has an average rating of "Moderate Buy" and an average target price of $86.20.

Affirm Stock Performance

Affirm stock opened at $71.90 on Tuesday. Affirm Holdings, Inc. has a fifty-two week low of $42.10 and a fifty-two week high of $100.00. The stock's 50 day simple moving average is $63.53 and its two-hundred day simple moving average is $62.37. The company has a debt-to-equity ratio of 2.39, a quick ratio of 11.32 and a current ratio of 11.32. The stock has a market cap of $24.08 billion, a price-to-earnings ratio of 65.36, a PEG ratio of 3.81 and a beta of 3.70.

Affirm (NASDAQ:AFRM - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.13. The company had revenue of $943.95 million for the quarter, compared to analysts' expectations of $995.27 million. Affirm had a return on equity of 11.17% and a net margin of 9.63%.The firm's revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 earnings per share. As a group, analysts expect that Affirm Holdings, Inc. will post 1.25 earnings per share for the current fiscal year.

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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