Benzinga | Sep 10, 2021 08:57AM EDT

Why Affirm Shares Are Trading Higher Today

Affirm Holdings Inc (NASDAQ:AFRM) is trading significantly higher Friday after the company announced better-than-expected fourth-quarter fiscal 2021 revenue results and issued guidance above estimates.

Affirm reported a quarterly earnings loss of 48 cents per share, which came in below the estimate for a loss of 29 cents per share. The company reported quarterly revenue of $261.8 million, which beat the estimate of $226.39 million.

Affirm expects first-quarter fiscal 2022 revenue to be in a range of $240 million to $250 million versus the estimate of $233.89 million.

"During the fourth quarter, we increased the number of merchants on our platform by more than fivefold, more than doubled gross merchandise volume and grew active consumers by 97% year over year," said Max Levchin, founder and CEO of Affirm.

Morgan Stanley analyst James Faucette maintained Affirm with an Overweight rating and raised the price target from $120 to $140.

AFRM Price Action: Affirm has traded as high as $146.90 and as low as $46.50 over a 52-week period.

The stock was up 21.40% at $111.81 at time of publication.

Photo: courtesy of Affirm.