Affirm (NASDAQ:AFRM) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Affirm (NASDAQ:AFRM) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on AFRM. Sanford C. Bernstein assumed coverage on Affirm in a research note on Tuesday, July 21st. They issued an “outperform” rating and a $100.00 price objective for the company. Needham & Company LLC lifted their target price on Affirm from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Royal Bank Of Canada boosted their target price on Affirm from $77.00 to $80.00 and gave the company a “sector perform” rating in a research report on Friday, May 8th. BTIG Research restated a “neutral” rating on shares of Affirm in a report on Tuesday, May 26th. Finally, Cantor Fitzgerald raised their price target on Affirm from $80.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.62.

Affirm Trading Down 1.9%

AFRM opened at $76.46 on Tuesday. The firm has a market cap of $25.61 billion, a P/E ratio of 69.51, a P/E/G ratio of 3.16 and a beta of 3.71. Affirm has a 12 month low of $42.10 and a 12 month high of $100.00. The company has a current ratio of 11.32, a quick ratio of 11.32 and a debt-to-equity ratio of 2.39. The stock has a 50-day moving average of $77.30 and a 200 day moving average of $64.36.

Insider Buying and Selling

In other Affirm news, COO Michael Linford sold 100,000 shares of Affirm stock in a transaction on Friday, June 26th. The stock was sold at an average price of $80.04, for a total transaction of $8,004,000.00. Following the completion of the sale, the chief operating officer directly owned 117,984 shares of the company’s stock, valued at $9,443,439.36. The trade was a 45.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by insiders.

Hedge Funds Weigh In On Affirm

Institutional investors have recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Affirm in the second quarter worth about $6,158,000. California State Teachers Retirement System raised its holdings in shares of Affirm by 7,715.3% in the 2nd quarter. California State Teachers Retirement System now owns 29,932,275 shares of the company’s stock valued at $2,440,977,000 after purchasing an additional 29,549,277 shares in the last quarter. Readystate Asset Management LP lifted its position in shares of Affirm by 4.6% in the 2nd quarter. Readystate Asset Management LP now owns 67,315 shares of the company’s stock worth $5,490,000 after purchasing an additional 2,970 shares during the period. Aspire Capital Advisors LLC boosted its stake in shares of Affirm by 8.2% during the second quarter. Aspire Capital Advisors LLC now owns 8,507 shares of the company’s stock valued at $694,000 after purchasing an additional 647 shares in the last quarter. Finally, HB Wealth Management LLC increased its holdings in Affirm by 18.7% during the second quarter. HB Wealth Management LLC now owns 7,227 shares of the company’s stock valued at $589,000 after buying an additional 1,136 shares during the period. Hedge funds and other institutional investors own 69.29% of the company’s stock.

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.