Spyglass Capital Management LLC Sells 736,460 Shares of Affirm Holdings, Inc. $AFRM

Key Points

• Spyglass Capital cut its stake in Affirm by 42.3%, selling 736,460 shares and now holds 1,003,823 shares (~$73.36M), which is 3.9% of the firm's portfolio.
• Insider sales: CEO Max R. Levchin sold 666,666 shares (~$53.75M) and CFO Robert O'hare sold 36,401 shares (~$2.91M), leaving insiders with 11.01% ownership.
• Earnings and sentiment: Affirm beat the quarter (EPS $0.37 vs $0.28; revenue $1.12B vs $1.06B, +29.6% YoY) and carries an average analyst rating of "Moderate Buy" with a $84.36 price target.

Spyglass Capital Management LLC cut its holdings in shares of Affirm Holdings, Inc. (NASDAQ:AFRM - Free Report) by 42.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,003,823 shares of the company's stock after selling 736,460 shares during the period. Affirm accounts for 3.9% of Spyglass Capital Management LLC's portfolio, making the stock its 15th biggest position. Spyglass Capital Management LLC owned approximately 0.31% of Affirm worth $73,359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Diker Management LLC boosted its holdings in Affirm by 16.7% in the third quarter. Diker Management LLC now owns 35,000 shares of the company's stock valued at $2,558,000 after acquiring an additional 5,000 shares in the last quarter. Siemens Fonds Invest GmbH purchased a new position in Affirm during the 3rd quarter valued at $273,000. Harvest Fund Management Co. Ltd bought a new position in Affirm in the 3rd quarter worth $146,000. Prudential PLC bought a new position in Affirm in the 3rd quarter worth $355,000. Finally, Comerica Bank lifted its position in shares of Affirm by 9.0% in the 3rd quarter. Comerica Bank now owns 230,292 shares of the company's stock worth $16,830,000 after purchasing an additional 18,943 shares during the period. Institutional investors own 69.29% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AFRM. UBS Group set a $78.00 target price on shares of Affirm in a research note on Friday, February 6th. Citigroup restated a "market outperform" rating on shares of Affirm in a report on Tuesday, February 24th. Oppenheimer cut their price objective on Affirm from $95.00 to $83.00 and set an "outperform" rating on the stock in a research report on Friday, February 6th. Needham & Company LLC reduced their target price on Affirm from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, February 6th. Finally, TD Cowen reiterated a "buy" rating on shares of Affirm in a report on Friday, February 6th. Twenty investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $84.36.

Insider Buying and Selling

In other news, CFO Robert O'hare sold 36,401 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $80.00, for a total value of $2,912,080.00. Following the sale, the chief financial officer directly owned 1,368 shares of the company's stock, valued at approximately $109,440. This represents a 96.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Max R. Levchin sold 666,666 shares of the firm's stock in a transaction on Monday, January 5th. The shares were sold at an average price of $80.62, for a total value of $53,746,612.92. Additional details regarding this sale are available in the official SEC disclosure. 11.01% of the stock is owned by company insiders.

Affirm Price Performance

Shares of AFRM opened at $46.88 on Friday. The stock has a market cap of $15.62 billion, a PE ratio of 57.88, a price-to-earnings-growth ratio of 1.70 and a beta of 3.61. The company has a debt-to-equity ratio of 2.58, a quick ratio of 11.41 and a current ratio of 11.41. Affirm Holdings, Inc. has a fifty-two week low of $30.90 and a fifty-two week high of $100.00. The firm's 50-day simple moving average is $60.71 and its two-hundred day simple moving average is $70.31.

Affirm (NASDAQ:AFRM - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Affirm had a net margin of 7.60% and a return on equity of 8.83%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the business earned $0.23 earnings per share. The business's revenue was up 29.6% on a year-over-year basis. Analysts anticipate that Affirm Holdings, Inc. will post -0.18 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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