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Why is Affirm Holdings Inc (AFRM) Stock down?
Affirm Holdings Inc (AFRM) stock fell by 6.52%, attributed to Raymond James Financial Services Advisors Inc. reducing its holdings in the company. According to their recent filing with the Securities and Exchange Commission (SEC), Raymond James Financial Services Advisors Inc. sold 66,077 shares, representing a 23.8% reduction in their holdings. As of the end of the quarter, the firm owned 211,766 shares of Affirm, valued at approximately $10,406,000.
- Investor Activity: Several other major investors have also made significant moves with Affirm's stock recently. Norges Bank acquired a new stake in Affirm during the fourth quarter, valued at approximately $20,544,000. Vanguard Group Inc. increased its holdings by 12.9% during the first quarter, now owning 16,498,384 shares worth $763,545,000. State Street Corp boosted its stake by 96.6% in the second quarter, owning 3,571,814 shares valued at $64,507,000. BlackRock Inc. raised its position by 38.2% in the first quarter, now holding 5,180,921 shares worth $239,773,000. Lastly, Price T Rowe Associates Inc. MD increased its stake by 14.1% in the second quarter, now owning 11,350,295 shares worth $204,987,000.
- Institutional Holdings: Institutional investors and hedge funds now collectively own 69.29% of Affirm's stock, indicating significant interest and activity in the company's shares.
- Impact on Stock: The reduction in holdings by Raymond James Financial Services Advisors Inc. could have contributed to the decline in Affirm's stock value. Insider selling can sometimes be interpreted as a lack of confidence in the company's future performance, which may lead other investors to sell off their shares as well, putting downward pressure on the stock price. However, it's essential to consider other factors influencing the stock market, as multiple variables can affect stock prices simultaneously.
Shares of Affirm Holdings Inc (AFRM) dropped by 14.93% from $19.56 to $16.64 in the trading on Wednesday, October 25, 2023. The reason why AFRM stock down is due to a downgrade in the stock's rating. Compass Point downgraded the stock from Neutral to Sell. This downgrade had a negative impact on investor sentiment, leading to the decrease in the stock's price.
Affirm Holdings Inc Stock (AFRM) dropped by 10.61% from $20.45 to $18.28 in the trading on Tuesday October 3, 2023. The reasons why stock AFRM is down today includes:
- Rising interest rates: The company offer loans at a fixed rate, which means that loans made to customers a while back have interest rates that are lower than the new rates today. With higher interest rates, people might spend less, especially with inflation causing prices to rise.
- Competition from other BNPL providers: AFRM is also facing tough competition from other "buy now, pay later" companies like Block and PayPal. This competition is probably going to make it harder for AFRM to make as much money and grow as quickly.
AFRM's stock fell 10.57% after Piper Sandler downgraded the stock from Neutral to Underweight.
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