Why Shares of Affirm Are Falling Today

Shares of the buy now, pay later (BNPL) company Affirm Holdings (NASDAQ: AFRM) traded nearly 9% lower as of 1:28 p.m. ET today after a Wall Street analyst cut his price target on the stock this morning. Piper Sandler analyst Kevin Barker maintained a neutral rating on Affirm but lowered his price target from $32 per share to $28. Like many fintech companies on the consumer side, Affirm has seen its stock sell off immensely as investors worry about a host of concerns including loan defaults.