Affirm Holdings Stock Pops on Beat-and-Raise

Affirm Holdings Inc (NASDAQ:AFRM) stock is surging today, up 11.2% at $73.31 at last glance, after the fintech company posted better-than-expected fiscal first-quarter earnings of 23 cents per share on revenue of $933.3 million. Affirm's full-year gross merchandise value (GMV) expectations of $47.50 billion also surpassed estimates.

In response, Morgan Stanley lowered its price target to $83 from $90, while BofA Global Securities threw in a price-target hike to $98 from $94. The overall 12-month consensus price target of $94.26 now sits at a 29% premium to current levels. 

On the charts, AFRM has chopped lower since its Aug. 29 three-year high of $100. Though the shares are back below familiar pressure at the $80 level, the 160-day moving average looks like it's moving in as potential support. Year to date, the equity is up 20.4%. 

Options traders are chiming in on the results, with 26,000 calls and 14,000 puts exchanged so far -- quadruple the overall volume typically seen at this point. The weekly 11/7 75-strike call is the most popular, followed by the 80-strike call in the same series, with new positions opening at the latter. 

Though short interest has been unwinding, down 12.5% in the last two weeks, it still represents 5% of the stock's available float. A short squeeze could help AFRM reclaim that aforementioned trendline on the charts.