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Benzinga
Benzinga
Business
Craig Jones

Is The 10% Selloff In Affirm A Buying Opportunity?

Affirm Holdings Inc’s (NASDAQ:AFRM) stock plummeted more than 10% to close Tuesday’s trading at $85.41.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said that Affirm Holdings traded around 4 times its average daily call volume on Tuesday.

There was a buyer of 15,200 of the February 95/110 call spreads for an average price of $3.65 per contract, Khouw noted. This is an outlay of $5.5 million in premium, he added.

Despite the massive decline in the share price, “someone is willing to press their bullish bet” and the options market is implying that the stock could spike as much as 28% by February expiration, Khouw said.

Related Link: CNBC's Final Trades: PayPal, Affirm Holdings, Dick's Sporting Goods And More

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