G2 Investment Partners Management LLC has decreased its stake in Affirm Holdings, Inc. (NASDAQ: AFRM) by 16.9% during the second quarter of 2023, according to a report from Holdings Channel. The institutional investor sold 23,681 shares, bringing its total ownership to 116,319 shares. This reduction means that Affirm now constitutes 1.8% of G2 Investment Partners’ total portfolio, ranking as its 23rd largest holding. As of the latest filing with the Securities and Exchange Commission (SEC), G2’s holdings in Affirm were valued at approximately $8,042,000.
Other institutional investors have also made significant adjustments to their positions in Affirm. Notably, Huntington National Bank increased its holdings by an astonishing 634.0% during the same quarter, now owning 389 shares valued at $27,000. SouthState Corp raised its stake by 190.5%, resulting in ownership of 427 shares worth $30,000. Similarly, Blume Capital Management Inc. lifted its position by 468.8%, owning 455 shares valued at $31,000 after acquiring an additional 375 shares.
The activity surrounding Affirm’s stock is not limited to institutional investors. Insider trading has also been notable. On December 3, 2023, Chief Financial Officer Robert O’hare sold 8,189 shares at an average price of $70.00, totaling $573,230. Following this transaction, O’hare retained 1,368 shares worth $95,760, marking an 85.69% decline in his ownership. Additionally, CEO Max R. Levchin sold a substantial 651,713 shares on September 22, 2023, for a total of $58,178,419.51.
In the past ninety days, corporate insiders have sold a total of 672,402 shares of Affirm stock, valued at approximately $59,819,400. Insider ownership now stands at 11.01% of the total shares outstanding.
Affirm’s stock recently experienced a decline of 2.6%. The company reported its earnings results on November 6, 2023, revealing an earnings per share (EPS) of $0.23, surpassing analysts’ expectations of $0.11 by $0.12. Revenue for the quarter reached $933.34 million, exceeding projections of $881.83 million. Year-over-year, Affirm’s revenue increased by 33.6%, a substantial improvement compared to the same period in the previous year when the firm reported a loss of ($0.31) EPS.
Analysts have varying forecasts for Affirm’s stock, with predictions indicating an EPS of -0.18 for the current fiscal year. Recent reports from research analysts include a price target set at $101.00 by Redburn Partners and a revised target of $87.00 by the Royal Bank of Canada, which also assigned a “sector perform” rating. In total, three research analysts have rated Affirm as a Strong Buy, eighteen have given it a Buy rating, and eleven have indicated a Hold rating. According to MarketBeat data, Affirm currently holds a consensus rating of “Moderate Buy,” with an average target price of $86.57.
Affirm Holdings, Inc. operates a platform designed for digital and mobile-first commerce across multiple regions, including the United States and Canada. The company’s services include point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer-focused app, enabling users to pay for purchases over time with terms that can extend up to 60 months.
For those interested in tracking the latest developments, Holdings Channel provides updates on institutional holdings and insider trading related to Affirm Holdings, Inc. (NASDAQ: AFRM).
