Fred Alger Management LLC Makes New Investment in Affirm Holdings, Inc. (NASDAQ:AFRM)

Fred Alger Management LLC purchased a new stake in shares of Affirm Holdings, Inc. (NASDAQ:AFRM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,711 shares of the company’s stock, valued at approximately $723,000.

A number of other hedge funds and other institutional investors have also modified their holdings of AFRM. Bank of Montreal Can increased its stake in shares of Affirm by 2,305.3% in the 2nd quarter. Bank of Montreal Can now owns 195,936 shares of the company’s stock valued at $6,466,000 after buying an additional 187,790 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Affirm during the 3rd quarter worth about $1,419,000. International Assets Investment Management LLC acquired a new position in Affirm in the third quarter valued at approximately $731,000. Quest Partners LLC bought a new stake in shares of Affirm during the 3rd quarter valued at $391,000. Finally, Entropy Technologies LP acquired a new position in shares of Affirm in the 3rd quarter valued at $464,000. Institutional investors and hedge funds own 69.29% of the company’s stock.

Affirm Stock Up 2.4 %

Shares of AFRM stock opened at $70.01 on Monday. Affirm Holdings, Inc. has a 52-week low of $22.25 and a 52-week high of $70.88. The company has a debt-to-equity ratio of 2.50, a quick ratio of 12.60 and a current ratio of 12.60. The stock has a market cap of $21.99 billion, a price-to-earnings ratio of -49.30 and a beta of 3.47. The firm’s 50-day moving average is $49.29 and its 200-day moving average is $37.98.

Affirm (NASDAQ:AFRM) last issued its earnings results on Thursday, November 7th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.05. Affirm had a negative return on equity of 12.57% and a negative net margin of 17.67%. The company had revenue of $698.48 million during the quarter, compared to the consensus estimate of $661.39 million. During the same period in the previous year, the company posted ($0.57) EPS. Sell-side analysts predict that Affirm Holdings, Inc. will post -0.53 EPS for the current year.

Insider Buying and Selling at Affirm

In related news, President Libor Michalek sold 100,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $62.00, for a total value of $6,200,000.00. Following the transaction, the president now owns 159,449 shares in the company, valued at approximately $9,885,838. This represents a 38.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christa S. Quarles sold 14,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $40.02, for a total transaction of $576,288.00. Following the sale, the director now owns 141,903 shares of the company’s stock, valued at $5,678,958.06. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 868,253 shares of company stock worth $52,186,668 over the last ninety days. Insiders own 12.41% of the company’s stock.

Analyst Ratings Changes

AFRM has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Affirm from $46.00 to $54.00 and gave the company a “buy” rating in a report on Monday, October 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $46.00 price objective on shares of Affirm in a research report on Friday, October 4th. Mizuho raised their target price on shares of Affirm from $65.00 to $69.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Affirm in a report on Friday, September 6th. Finally, Barclays raised their price objective on shares of Affirm from $64.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.53.

Affirm Profile

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.