Bank of Nova Scotia lowered its stake in Affirm Holdings, Inc. (NASDAQ:AFRM – Free Report) by 71.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,421 shares of the company’s stock after selling 11,022 shares during the quarter. Bank of Nova Scotia’s holdings in Affirm were worth $203,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Affirm by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 24,847,206 shares of the company’s stock valued at $1,849,378,000 after purchasing an additional 428,138 shares during the last quarter. Capital Research Global Investors lifted its stake in Affirm by 0.5% in the fourth quarter. Capital Research Global Investors now owns 23,145,942 shares of the company’s stock valued at $1,722,797,000 after buying an additional 104,239 shares during the period. Capital World Investors boosted its holdings in Affirm by 2.4% during the fourth quarter. Capital World Investors now owns 21,710,914 shares of the company’s stock worth $1,615,953,000 after buying an additional 507,224 shares during the last quarter. Durable Capital Partners LP grew its position in shares of Affirm by 12.3% during the 2nd quarter. Durable Capital Partners LP now owns 7,389,337 shares of the company’s stock worth $510,899,000 after buying an additional 808,455 shares during the period. Finally, State Street Corp grew its position in shares of Affirm by 26.7% during the 3rd quarter. State Street Corp now owns 5,641,965 shares of the company’s stock worth $412,315,000 after buying an additional 1,187,665 shares during the period. 69.29% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of analysts recently weighed in on the stock. UBS Group increased their price target on shares of Affirm from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. BTIG Research restated a “neutral” rating on shares of Affirm in a report on Tuesday, May 26th. Needham & Company LLC upped their target price on shares of Affirm from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Piper Sandler began coverage on shares of Affirm in a report on Monday, June 29th. They issued an “overweight” rating and a $103.00 target price on the stock. Finally, Truist Financial lifted their price target on shares of Affirm from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.74.
Affirm Stock Performance
Shares of AFRM opened at $71.51 on Friday. The stock has a market capitalization of $23.95 billion, a price-to-earnings ratio of 65.01, a PEG ratio of 2.98 and a beta of 3.67. Affirm Holdings, Inc. has a 12 month low of $42.10 and a 12 month high of $100.00. The firm has a fifty day simple moving average of $74.54 and a 200 day simple moving average of $63.42. The company has a current ratio of 11.32, a quick ratio of 11.32 and a debt-to-equity ratio of 2.39.
Affirm (NASDAQ:AFRM – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.13. Affirm had a net margin of 9.63% and a return on equity of 11.17%. The firm had revenue of $943.95 million for the quarter, compared to analyst estimates of $995.27 million. During the same period in the previous year, the business earned $0.01 EPS. The company’s revenue was up 32.7% compared to the same quarter last year. Research analysts forecast that Affirm Holdings, Inc. will post 1.23 EPS for the current fiscal year.
Insider Activity
In related news, COO Michael Linford sold 100,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 117,984 shares of the company’s stock, valued at approximately $9,443,439.36. This represents a 45.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Noel Bertram Watson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the transaction, the director directly owned 36,076 shares of the company’s stock, valued at $2,344,940. This trade represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is owned by company insiders.
Affirm Profile
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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