Surging Fintech Stock With Short Squeeze Potential

Options volume is today running at double the intraday average

Digital Content Manager
Dec 19, 2023 at 2:32 PM
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Affirm Holdings Inc (NASDAQ:AFRM) stock was last seen up 16.1% to trade at $50.72, after the fintech company revealed it is will expand its "buy now, pay later" services at Walmart (WMT) to include self-checkout lanes in more than 4,500 stores across the U.S.

AFRM is up 425.2% in 2023, and is today looking to close at its highest level since February 2022. The shares are also on track for their best day since Nov. 2, while the 20-day moving average has been acting as an level of support over the past several weeks. 

The security looks ripe for a short squeeze and a round of bull notes, both of which could generate tailwinds. The 47.36 million shares sold short account for 20.7% of the equity's available float, and 15 of the 18 analysts in coverage still rate it a tepid "hold" or worse. Plus, the 12-month consensus target price of $24.91 is a 50.8% discount to current trading levels.

Over in the options pits, 149,000 calls and 129,000 puts have crossed the tape so far today, double the volume that is typically seen at this point. Most popular is the weekly 12/22 50-strike call, where positions are being opened, followed by the 45-strike put in that series.

AFRM 20 Day

 

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