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AFRM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Affirm Holdings, Inc. Class A Common Stock (AFRM) stock moving?
AFRM closed at $65.95 on Nov 10, down about 12.8% from $75.59 on Nov 4, the day before its fiscal Q1 2027 report, and at the lowest close in the 30-day window. Volume jumped to 7.4M shares on Nov 5, 9.7M on Nov 6 and 6.1M on Nov 10, versus roughly 2.3M to 3.9M on typical days in late October, which confirms heavy selling. The fundamentals were strong on the headline numbers: EPS of $0.47 beat the $0.38 estimate, revenue rose 35% to $1.262B against $1.211B expected, and fiscal Q2 sales are guided to $1.435B-$1.465B, slightly above the $1.431B consensus. The market focused on credit quality instead: 30+ day delinquencies rose to 2.9%, up 9 bps year over year and 35 bps quarter over quarter, and investors weighed higher credit provisions and new loan tests. Analyst reactions were mixed. Barclays, Piper Sandler, Cantor Fitzgerald and Scotiabank keep positive ratings, Citizens and BofA are constructive, while RBC and Stephens stay at neutral ratings, and price targets moved in both directions, from $80 to $109. The average of the listed targets is about $93, well above the current price, but that gap reflects the sell-side view rather than a near-term trigger. The Nov 9 agreement to acquire Ratepay from Nexi expands Affirm's DACH footprint, but the deal terms are not in the provided data, and the acquisition may add to the overhang on the stock. The Nov 3 comment by CEO Max Levchin about possibly relocating if a California wealth tax passes is a minor executive-level risk factor.
News behind the analysis
- Affirm to Acquire Fintech Company Ratepay from NexiAffirm has agreed to acquire German fintech Ratepay from Nexi to expand its presence in the DACH region. The deal terms are not given in the provided material.
- Cantor Fitzgerald Maintains Overweight on Affirm Holdings, Lowers Price Target to $84Cantor Fitzgerald keeps its Overweight rating on Affirm but cuts its price target to $84.
- Affirm Holdings Q1 EPS $0.47 Beats $0.38 Estimate, Sales $1.262B Beat $1.211B EstimateAffirm reported fiscal Q1 2027 EPS of $0.47 against a $0.38 estimate and sales of $1.262B against $1.211B expected. The results were filed in an 8-K on Nov 5.
- Affirm Holdings Sees Q2 Sales $1.435B-$1.465B vs $1.431B EstAffirm guided fiscal Q2 sales to $1.435B-$1.465B, a range that sits slightly above the $1.431B consensus estimate.
- Affirm Q1 Highlights: Double Beat, Revenue Up 35%, Shares Fall AnywayAffirm beat on both earnings and revenue in Q1, with revenue up 35%, yet the shares still declined after the report.
- Affirm Reports 30+ Day Delinquencies, Excluding Peloton and Pay in X Loans, Increased 9 bps YoY And 35 bps QoQ To 2.9%Affirm's 30+ day delinquencies rose to 2.9%, up 9 bps year over year and 35 bps quarter over quarter, excluding Peloton and Pay in X loans.
- Why Is Affirm Stock Falling Friday?Affirm shares dipped despite the Q1 earnings beat and raised guidance, as investors weighed higher credit provisions and new loan tests.
- RBC Capital Maintains Sector Perform on Affirm Holdings, Lowers Price Target to $83RBC Capital keeps a Sector Perform rating on Affirm and lowers its price target to $83 from $96.
- Scotiabank Maintains Sector Outperform on Affirm Holdings, Raises Price Target to $97Scotiabank keeps its Sector Outperform rating on Affirm and raises its price target to $97.
- Barclays Maintains Overweight on Affirm Holdings, Lowers Price Target to $100Barclays maintains its Overweight rating on Affirm and lowers its price target to $100.
About Affirm Holdings, Inc. Class A Common Stock
Affirm Holdings is a San Francisco-based fintech led by co-founder and CEO Max Levchin. It offers point-of-sale 'buy now, pay later' installment loans, the Affirm Card and a consumer app, and it is known for charging no late fees and showing the total cost upfront. Its revenue for fiscal 2026 (year ended June 2026) was roughly $4.3 billion, up about 32% from the year before.
How it makes money
Affirm earns money in a few ways. Merchants pay it fees when shoppers use Affirm at checkout, and it collects interest on the loans it keeps on its balance sheet. It also makes gains and servicing income when it sells loans to outside investors or bundles them into securities, and it earns card network fees from the Affirm Card. Interest income and merchant fees are its two largest revenue sources, with loan sales and card fees adding smaller shares. Major partners such as Amazon and Shopify make up a big part of its loan volume.
What usually moves AFRM
- Gross merchandise volume growth and major merchant partnerships
- Interest rates and the cost of funding its loans
- Consumer credit performance and loan losses
- Demand from investors to buy its loans and loan-backed securities
- Regulation of buy-now-pay-later lending