JPMorgan Chase & Co. Cuts Affirm (NASDAQ:AFRM) Price Target to $69.00

Affirm (NASDAQ:AFRM) had its price target decreased by JPMorgan Chase & Co. from $74.00 to $69.00 in a research note released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms also recently weighed in on AFRM. Compass Point raised Affirm from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $61.00 to $64.00 in a research report on Wednesday, March 19th. JMP Securities decreased their target price on Affirm from $85.00 to $75.00 and set a “market outperform” rating on the stock in a research report on Friday. Barclays raised their price target on shares of Affirm from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. TD Cowen initiated coverage on shares of Affirm in a research note on Tuesday, April 8th. They set a “buy” rating and a $50.00 price target for the company. Finally, Bank of America raised their price target on shares of Affirm from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday. Seven 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. Based on data from MarketBeat, Affirm currently has an average rating of “Moderate Buy” and a consensus target price of $66.63.

Affirm Stock Down 14.4%

AFRM stock opened at $46.44 on Friday. Affirm has a twelve month low of $22.25 and a twelve month high of $82.53. The company has a market cap of $14.77 billion, a PE ratio of -71.45 and a beta of 3.66. The business’s 50-day simple moving average is $46.42 and its 200 day simple moving average is $56.81. The company has a quick ratio of 11.26, a current ratio of 11.26 and a debt-to-equity ratio of 2.68.

Affirm (NASDAQ:AFRM) last released its earnings results on Thursday, May 8th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. Affirm had a negative return on equity of 7.25% and a negative net margin of 7.10%. The business had revenue of $783.14 million for the quarter, compared to the consensus estimate of $782.98 million. During the same period last year, the business earned ($0.43) earnings per share. The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. On average, research analysts anticipate that Affirm will post -0.18 earnings per share for the current year.

Insider Activity

In related news, Director Noel Bertram Watson sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $45.78, for a total value of $114,450.00. Following the completion of the transaction, the director now owns 38,997 shares in the company, valued at $1,785,282.66. The trade was a 6.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christa S. Quarles sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $80.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director now owns 137,325 shares of the company’s stock, valued at $10,986,000. This trade represents a 3.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,765 shares of company stock worth $3,094,694. Insiders own 12.41% of the company’s stock.

Institutional Investors Weigh In On Affirm

Several institutional investors have recently modified their holdings of AFRM. Durable Capital Partners LP grew its position in shares of Affirm by 97.3% during the 4th quarter. Durable Capital Partners LP now owns 5,858,283 shares of the company’s stock worth $356,769,000 after buying an additional 2,888,827 shares during the period. Norges Bank bought a new stake in shares of Affirm during the 4th quarter valued at $139,949,000. Capital International Investors bought a new stake in shares of Affirm during the 4th quarter valued at $100,030,000. Vanguard Group Inc. raised its position in shares of Affirm by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 23,272,997 shares of the company’s stock valued at $1,051,707,000 after acquiring an additional 1,457,434 shares during the last quarter. Finally, Foxhaven Asset Management LP bought a new stake in shares of Affirm during the 4th quarter valued at $80,917,000. Institutional investors and hedge funds 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.