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Affirm stock has gained approximately 107.97%, 52.73%, 18.56% in the past three months, one month, and five days respectively.
Affirm Holdings Inc (NASDAQ: AFRM) stock closed Wednesday trading at $133.70, up 19.95%. The gains had topped 20% during the extended trading period, as the Affirm shares traded around $134.00. The spike in shares price has been directly attributed to news that Target Corp (NYSE: TGT) has chosen Affirm and Sezzle to facilitate seamless shopping this holiday season.
“We know our guests want easy and affordable payment options that work within their family’s budget,” says Gemma Kubat, Target’s president of financial and retail services. “Through our partnerships with Affirm and Sezzle, Target is investing in new financial tools that make our shopping experiences more flexible and personalized to guests’ needs, right in time for the holiday season.”
The San Francisco-based fintech firm saw its market cap rise to approximately $30 billion as of yesterday. According to market analytics provided by MarketWatch, Affirm stock market has gained approximately 107.97%, 52.73%, 18.56% in the past three months, one month, and five days respectively through Wednesday.
The deal is expected to bring a notable inflow of customers to Affirm from Target in the next few months. Buyers on the Target platform can choose Affirm as the preferred payment method at checkout.
“For purchases over $100 – from big-ticket gift items like electronics to that new furniture set you’ve been eyeing – Affirm provides a convenient way to pay at your own pace with monthly payments,” Target explained through a blog post.
After registering with Affirm, users can check for their eligibility to purchase items through the available buy now pay later options.
The company has remained under private investors since its inception back in 2012. Over the years, the company has raised funds from private investors to widen its market reach. Notably, the company has also partnered with other e-commerce firms including Shopify, Zen-Cart, and BigCommerce.
At the beginning of this year, the company held its initial public offering whereby it raised $1.2 billion. In a bid to widen its market reach, the firm announced the acquisition of fintech company Returnly earlier this year.
Since going public at the beginning of the year, AFRM shares have ranged between $46.5 and $146.90. Having been rated 11 times, AFRM stock received an average recommendation of Overweight.
Notably, according to analytics provided by MarketWatch, the average target price stands at $120.36. The highest price target was $150, the median was $119, and the lowest price target was $65.