Morgan Stanley Lowers Affirm (NASDAQ:AFRM) Price Target to $60.00

Affirm (NASDAQ:AFRM - Get Free Report) had its target price cut by equities researchers at Morgan Stanley from $65.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price target indicates a potential upside of 26.56% from the stock's previous close.

A number of other equities research analysts have also weighed in on the company. Barclays lifted their price objective on Affirm from $75.00 to $85.00 and gave the company an "overweight" rating in a report on Monday, February 10th. JMP Securities upped their price objective on Affirm from $78.00 to $85.00 and gave the stock a "market outperform" rating in a report on Friday, February 7th. Susquehanna cut shares of Affirm from a "positive" rating to a "neutral" rating and set a $57.00 price target on the stock. in a research note on Tuesday, January 21st. The Goldman Sachs Group reduced their price objective on shares of Affirm from $90.00 to $56.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company lowered their target price on shares of Affirm from $85.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $67.74.

Affirm Stock Down 12.6 %

Shares of Affirm stock traded down $6.85 during trading hours on Tuesday, hitting $47.41. The company had a trading volume of 12,469,011 shares, compared to its average volume of 7,693,112. The company's 50-day moving average is $46.63 and its two-hundred day moving average is $56.58. Affirm has a twelve month low of $22.25 and a twelve month high of $82.53. The company has a debt-to-equity ratio of 2.68, a current ratio of 11.26 and a quick ratio of 11.26. The company has a market cap of $15.08 billion, a P/E ratio of -72.94 and a beta of 3.66.

Affirm (NASDAQ:AFRM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.10. The business had revenue of $783.14 million during the quarter, compared to the consensus estimate of $782.98 million. Affirm had a negative return on equity of 7.25% and a negative net margin of 7.10%. The company's revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.43) earnings per share. Analysts anticipate that Affirm will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Affirm

In related news, Director Keith Rabois sold 16,089 shares of Affirm stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $51.00, for a total value of $820,539.00. Following the completion of the sale, the director now owns 29,343 shares of the company's stock, valued at approximately $1,496,493. The trade was a 35.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noel Bertram Watson sold 2,500 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $45.78, for a total value of $114,450.00. Following the transaction, the director now owns 38,997 shares in the company, valued at approximately $1,785,282.66. This trade represents a 6.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,765 shares of company stock valued at $3,094,694. Insiders own 12.41% of the company's stock.

Hedge Funds Weigh In On Affirm

A number of institutional investors have recently modified their holdings of the company. Hanseatic Management Services Inc. grew its stake in Affirm by 12.1% in the 4th quarter. Hanseatic Management Services Inc. now owns 1,797 shares of the company's stock valued at $109,000 after buying an additional 194 shares during the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of Affirm by 0.4% in the first quarter. KLP Kapitalforvaltning AS now owns 49,100 shares of the company's stock worth $2,219,000 after purchasing an additional 200 shares during the period. Allworth Financial LP lifted its position in shares of Affirm by 63.7% during the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $27,000 after purchasing an additional 219 shares during the last quarter. HB Wealth Management LLC grew its holdings in Affirm by 2.2% in the 1st quarter. HB Wealth Management LLC now owns 11,471 shares of the company's stock valued at $518,000 after buying an additional 252 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in Affirm by 2.1% in the 1st quarter. Amalgamated Bank now owns 13,773 shares of the company's stock valued at $622,000 after buying an additional 280 shares during the last quarter. Institutional investors own 69.29% of the company's stock.

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.