AFRM
LONGINSIDER SELLAFFIRM HLDGS INC
Research: Finviz ↗·Perplexity ↗
🗄 Viewing archived Q1 2026 data — frozen, no longer refreshed.
News Summary
PositiveAffirm delivered exceptional Q3 FY2026 results with record GMV of $11.6B (+35% YoY), revenue of $1.04B (+33%), and achieved GAAP operating profitability for the first time as a public company with $102.9M net income. Management raised full-year guidance across GMV, revenue, and margins, outlined a $100B medium-term GMV target with 20-25% GAAP operating margins, and secured major partnership expansions (Google, Royal Caribbean) plus $1.7-2.2B in new funding from CPP Investments. However, Morgan Stanley downgraded the stock from Overweight to Equal Weight on June 25 citing valuation concerns after an 80%+ share price surge, tempering near-term momentum despite affirming long-term conviction.
Red flags
- •Morgan Stanley downgrade on valuation (stock +80% since March 27) — potential near-term momentum risk
- •Banking charter application introduces regulatory uncertainty and potential capital/compliance burdens not yet quantified
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Durable Capital Partners | Henry Ellenbogen | 5.6M | +2.0M | $259M | 2.7% | +53% | Existing |
| D1 Capital | Dan Sundheim | 1.9M | +1.1M | $89M | 0.8% | +136% | Existing |
| Point72 | Steve Cohen | 90K | +90K | $4M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where AFRM ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #15 of this fund's book
- 12ROCKET COS INC$275M
- 13SHIFT4 PMTS INC$270M
- 14VSE CORP$259M
- 15AFFIRM HLDGS INC$259M
- 16ISHARES TR$255M
- 17PRIVIA HEALTH GROUP INC$249M
- 18COUPANG INC$243M
position #38 of this fund's book
- 35TAIWAN SEMICONDUCTOR MANUFAC$111M
- 36LIVE NATION ENTERTAINMENT IN$103M
- 37ANALOG DEVICES INC$93M
- 38AFFIRM HLDGS INC$89M
- 39FERGUSON ENTERPRISES INC$81M
- 40TOPBUILD COR$75M
Values are quarter-end position sizes. Shown only for funds where AFRM ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| BlackRock, Inc. | SC 13G | 14.8M | 5.1% | 2026-01-21 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.