Affirm (NASDAQ:AFRM) Raised to “Equal Weight” at Morgan Stanley

Morgan Stanley upgraded shares of Affirm (NASDAQ:AFRM) from an underweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat Ratings reports. Morgan Stanley currently has $37.00 price objective on the stock, up from their previous price objective of $22.00.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC restated a hold rating on shares of Affirm in a report on Friday, September 6th. Barclays increased their target price on Affirm from $50.00 to $54.00 and gave the stock an overweight rating in a research report on Monday, September 23rd. The Goldman Sachs Group reaffirmed a buy rating and issued a $42.00 target price on shares of Affirm in a research report on Monday, June 24th. BTIG Research raised Affirm from a neutral rating to a buy rating and set a $68.00 target price on the stock in a research report on Tuesday. Finally, Mizuho reaffirmed an outperform rating and issued a $65.00 target price on shares of Affirm in a research report on Tuesday, August 27th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $39.82.

Affirm Price Performance

AFRM stock opened at $47.08 on Wednesday. Affirm has a 52-week low of $15.97 and a 52-week high of $52.48. The stock’s fifty day simple moving average is $36.84 and its 200-day simple moving average is $33.29. The company has a quick ratio of 13.07, a current ratio of 13.07 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of -28.02 and a beta of 3.50.

Affirm (NASDAQ:AFRM) last posted its quarterly earnings data on Wednesday, August 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.31. Affirm had a negative return on equity of 15.55% and a negative net margin of 22.29%. The business had revenue of $659.19 million for the quarter, compared to analysts’ expectations of $599.50 million. Equities research analysts expect that Affirm will post -0.82 EPS for the current year.

Insider Buying and Selling at Affirm

In other Affirm news, Director Keith Rabois sold 9,275 shares of Affirm stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.90, for a total value of $249,497.50. Following the completion of the transaction, the director now directly owns 64,348 shares in the company, valued at $1,730,961.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Affirm news, insider Katherine Adkins sold 6,084 shares of Affirm stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $45.00, for a total value of $273,780.00. Following the completion of the transaction, the insider now directly owns 122,069 shares in the company, valued at $5,493,105. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith Rabois sold 9,275 shares of Affirm stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.90, for a total value of $249,497.50. Following the sale, the director now directly owns 64,348 shares in the company, valued at approximately $1,730,961.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,075 shares of company stock worth $4,803,786 over the last ninety days. Company insiders own 13.05% of the company’s stock.

Institutional Investors Weigh In On Affirm

A number of hedge funds have recently made changes to their positions in AFRM. Coatue Management LLC bought a new stake in shares of Affirm during the fourth quarter valued at approximately $14,993,000. Biltmore Family Office LLC bought a new stake in shares of Affirm during the fourth quarter valued at approximately $300,000. Berkshire Capital Holdings Inc. bought a new stake in shares of Affirm during the fourth quarter valued at approximately $11,030,000. Oracle Alpha Inc. bought a new stake in shares of Affirm during the fourth quarter valued at approximately $504,000. Finally, Raleigh Capital Management Inc. bought a new stake in shares of Affirm during the fourth quarter valued at approximately $33,000. 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.