Spyglass Capital Management LLC Has $125.41 Million Stock Position in Affirm Holdings, Inc. $AFRM

Spyglass Capital Management LLC trimmed its position in Affirm Holdings, Inc. (NASDAQ:AFRM) by 7.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,537,840 shares of the company’s stock after selling 124,485 shares during the period. Affirm makes up 6.8% of Spyglass Capital Management LLC’s portfolio, making the stock its biggest holding. Spyglass Capital Management LLC’s holdings in Affirm were worth $125,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp boosted its position in shares of Affirm by 63.6% in the fourth quarter. Fifth Third Bancorp now owns 522 shares of the company’s stock valued at $39,000 after acquiring an additional 203 shares during the period. UMB Bank n.a. increased its position in Affirm by 36.6% during the fourth quarter. UMB Bank n.a. now owns 783 shares of the company’s stock worth $58,000 after acquiring an additional 210 shares during the period. Larson Financial Group LLC increased its position in Affirm by 74.5% during the third quarter. Larson Financial Group LLC now owns 499 shares of the company’s stock worth $36,000 after acquiring an additional 213 shares during the period. Swiss Life Asset Management Ltd raised its stake in Affirm by 1.1% in the 4th quarter. Swiss Life Asset Management Ltd now owns 22,296 shares of the company’s stock worth $1,659,000 after purchasing an additional 247 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in Affirm by 3.6% in the 1st quarter. QRG Capital Management Inc. now owns 9,684 shares of the company’s stock worth $444,000 after purchasing an additional 340 shares in the last quarter. Institutional investors and hedge funds own 69.29% of the company’s stock.

Affirm Trading Down 4.3%

Shares of AFRM stock opened at $74.45 on Tuesday. Affirm Holdings, Inc. has a twelve month low of $42.10 and a twelve month high of $100.00. The stock’s fifty day simple moving average is $77.49 and its 200 day simple moving average is $64.75. The company has a quick ratio of 11.80, a current ratio of 11.80 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $24.93 billion, a P/E ratio of 13.49, a P/E/G ratio of 3.13 and a beta of 3.71.

Affirm (NASDAQ:AFRM) last released its quarterly earnings results on Thursday, August 27th. The company reported $4.62 earnings per share for the quarter, topping the consensus estimate of $0.35 by $4.27. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Affirm had a return on equity of 47.91% and a net margin of 45.29%.The business’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 earnings per share. As a group, sell-side analysts predict that Affirm Holdings, Inc. will post 1.75 EPS for the current fiscal year.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research analysts have issued reports on AFRM shares. Morgan Stanley increased their target price on shares of Affirm from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday. Weiss Ratings raised Affirm from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Friday. The Goldman Sachs Group raised their price target on Affirm from $106.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday. Truist Financial upped their price objective 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. Finally, Citigroup reissued a “market outperform” rating on shares of Affirm in a report on Friday. Twenty-two equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Affirm presently has an average rating of “Moderate Buy” and an average price target of $99.20.

Key Stories Impacting Affirm

Here are the key news stories impacting Affirm this week:

• Positive Sentiment: Affirm’s fiscal fourth-quarter results exceeded expectations, with earnings per share of $4.62 versus the $0.35 consensus estimate. Gross merchandise volume (GMV) increased 36% year over year, while transaction activity and adoption of the Affirm Card continued to rise. Revenue grew 33.1% to $1.07 billion, although it fell modestly short of estimates. Affirm Q4 Earnings Beat on Strong GMV Growth, Rising Card Adoption
• Positive Sentiment: Several analysts remain constructive on AFRM. JPMorgan raised its price target to $105, while BMO Capital Markets, RBC and Cantor Fitzgerald maintained bullish views or forecasts for further appreciation. JPMorgan Increases Affirm Price Target
• Neutral Sentiment: CEO Max Levchin said higher gasoline prices could increase demand for buy now, pay later products as consumers manage household expenses. However, elevated living costs could also pressure consumers’ ability to repay loans. Affirm CEO Sees Greater BNPL Demand as Gas Prices Climb
• Negative Sentiment: The initial earnings-driven rally is unwinding as investors focus on increasing credit losses and operating expenses, as well as the slight revenue miss. Heavy reliance on third-party providers also presents additional regulatory, compliance and operational risks. Affirm’s Heavy Reliance on Third Parties Raises Regulatory and Compliance Risks

Affirm Company 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.