Financial technology company Affirm (NASDAQ: AFRM) recently revealed that it has entered into a partnership with mobile-focused ticketing platform SeatGeek to provide fans with more opportunities to make payments at their favorite live events.
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Following the news, shares of Affirm rocketed by more than 5% to close at $21.95 in yesterday’s extended trade.
Affirm’s Partnership with SeatGeek Will Make Payments Easier
The partnership is aimed at making the payment process at live events easier and hassle-free for fans.
Now, fans at live events can select Affirm at checkout and choose the payment option most suitable for them. With Affirm not charging any late or hidden fees, fans can pay for their tickets in the form of monthly payments or four interest-free biweekly payments. This will allow the fans to benefit from flexible and convenient payment options.
Management’s Commentary
Chief Revenue Officer of Affirm, Geoff Kott said, “Attending live events is at the top of many of our lists for 2022 and beyond, but so is sticking to a budget. Luckily, Affirm helps with both. By partnering with SeatGeek, we are able to make it possible for more people to enjoy the experiences they want by delivering flexible and transparent payment options at checkout.”
Wall Street’s Take
Consensus among analysts is a Hold based on seven Buys, six Holds, and three Sells. The AFRM average price target of $37.67 implies upside potential of 72.6% from current levels. Shares have declined 62% over the past year.
Impressive Website Traffic Trends
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Affirm’s performance this quarter.
According to the tool, the Affirm website recorded a 1836.07% monthly rise in global visits in June, compared to the same period last year. Moreover, year-to-date, Affirm website traffic increased by 1278.97%, compared to the previous year.
Such impressive growth in the company’s website indicates that its products are witnessing increasing interest among users. This represents an encouraging sign for the company’s operations in the future. Learn how Website Traffic can help you research your favorite stocks.
Key Takeaways
With Buy Now, Pay Later becoming more and more mainstream by the day, a leading live entertainment player like SeatGeek does not want to be left behind. In such a situation, Affirm’s partnership with SeatGeek is expected to be mutually beneficial to both companies. While SeatGeek users at live events will get the convenience of easy payment terms, Affirm stands to benefit from expanding operations and resulting profitability.
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