Zinger Key Points
- Affirm stock pulls back from recent strength on Wednesday.
- The selloff may have been connected to profit taking in the broader market.
- Get access to the leaderboards pointing to tomorrow’s biggest stock movers.
Affirm Holdings, Inc. AFRM shares traded lower on Wednesday. The stock pulled back from recent strength seen on Tuesday.
What To Know: Affirm stock rallied throughout November and into December, supported by first-quarter earnings, as well as the company's outlook, sales data from Cyber Monday and an upgrade from Jefferies analyst John Hecht.
On Tuesday, shares reached a 52-week high, a move which was backed by news that the company will be offering its services to self-checkout at Walmart stores nationwide. It will also be available on walmart.com, the Walmart app and at Walmart Vision and Auto Centers allowing customers to pay over time.
Despite reaching a new high on Tuesday, shares sold off by over 8% on Wednesday.
The move was marked by unusually high volume as well, with the stock experiencing an above-average trading volume of 41.07 million, compared to its average volume of 18.63 million.
It is also worth noting the stock's slide may have been connected with U.S. markets also turning lower on Wednesday afternoon, possibly in relation to profit-taking following the recent rally.
Related Link: Why Mosaic Stock Slid Wednesday
AFRM Price Action: Shares of Affirm Holdings were down 9.81% at $45.51 at the close of the market, according to Benzinga Pro.
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