Readystate Asset Management LP Increases Stake in Affirm Holdings, Inc. $AFRM

Key Points

• Readystate Asset Management increased its Affirm stake by 85.7% in the first quarter, owning 64,345 shares valued at approximately $2.95 million. Institutional investors collectively own 69.29% of Affirm’s stock.
• Affirm reported quarterly earnings of $0.30 per share, beating estimates of $0.17, while revenue rose 32.7% year over year to $943.95 million, though it missed revenue expectations.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $92.74 versus its opening price of $72.40. Meanwhile, company insiders sold shares through pre-arranged Rule 10b5-1 plans.

Readystate Asset Management LP increased its stake in Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) by 85.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,345 shares of the company's stock after purchasing an additional 29,698 shares during the period. Readystate Asset Management LP's holdings in Affirm were worth $2,948,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of AFRM. Royal Bank of Canada lifted its stake in shares of Affirm by 2.1% during the first quarter. Royal Bank of Canada now owns 193,601 shares of the company's stock worth $8,748,000 after buying an additional 3,892 shares during the period. Empowered Funds LLC increased its position in shares of Affirm by 90.7% in the 1st quarter. Empowered Funds LLC now owns 16,852 shares of the company's stock valued at $762,000 after acquiring an additional 8,014 shares during the period. Focus Partners Wealth purchased a new position in Affirm in the 1st quarter worth $243,000. EverSource Wealth Advisors LLC raised its stake in Affirm by 18.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,738 shares of the company's stock worth $189,000 after acquiring an additional 427 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Affirm by 44.8% during the 2nd quarter. First Trust Advisors LP now owns 191,525 shares of the company's stock worth $13,242,000 after acquiring an additional 59,297 shares during the period. Hedge funds and other institutional investors own 69.29% of the company's stock.

Insider Activity at Affirm

In related news, COO Michael Linford sold 100,000 shares of the stock in a transaction 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 sale, the chief operating officer directly owned 117,984 shares of the company's stock, valued at approximately $9,443,439.36. This represents a 45.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 firm's stock in a transaction 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 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. 11.01% of the stock is owned by insiders.

Affirm Stock Down 0.9%

Shares of AFRM opened at $72.40 on Wednesday. The company has a market capitalization of $24.25 billion, a price-to-earnings ratio of 65.82, a PEG ratio of 2.98 and a beta of 3.67. Affirm Holdings, Inc. has a 52 week low of $42.10 and a 52 week high of $100.00. The stock's 50-day moving average price is $74.24 and its 200-day moving average price is $63.50. The company has a quick ratio of 11.32, a current ratio of 11.32 and a debt-to-equity ratio of 2.39.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AFRM. Stephens increased their price objective on Affirm from $55.00 to $75.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Royal Bank Of Canada lifted their target price on Affirm from $77.00 to $80.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. Wells Fargo & Company upped their target price on Affirm from $89.00 to $96.00 and gave the company an "overweight" rating in a research report on Wednesday, July 8th. Zacks Research downgraded shares of Affirm from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 29th. Finally, The Goldman Sachs Group raised their price target on shares of Affirm from $90.00 to $106.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.74.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.