Affirm Holdings Inc. (AFRM), a publicly traded company, saw its stock gain over 50% since Thursday. The AFRM stock is surely entering into the meme-frenzy as it gained massively along with meme stocks like AMC, GME and BBIG on Thursday. The stock was up over 40% in the pre-market trading session today. Moreover, the gain is a breather for investors as the stock had earlier lost a huge value but now is rebounding.
On Thursday, Affirm Holdings announced a multi-year extension of its partnership in the U.S. with Shopify, a provider of essential internet infrastructure for commerce. The agreement cements Affirm as the exclusive pay-over-time provider for Shop Pay Installments in the U.S. This announcement was one of the main reasons for the AFRM stock’s gain.
In connection with the extended agreement, all eligible U.S. merchants offering Shop Pay Installments will have access to Affirm’s Adaptive Checkout™, a first-of-its-kind product in the U.S., which dynamically offers biweekly and monthly payment options side-by-side in a single integrated checkout.
Since its launch in June 2021, Shop Pay Installments, powered by Affirm in the U.S., has enabled more than 100,000 Shopify merchants to seamlessly offer millions of consumers the ability to split purchases up to $3,000 into four interest-free biweekly payments with no fees.
Beginning this summer, Shop Pay Installments will add Affirm’s Adaptive Checkout™, enabling eligible merchants to offer the only optimized payment options in the U.S. – from interest-free biweekly payments to monthly simple interest-bearing installments. As a result, buyers will be able to use Shop Pay Installments for cart sizes that range from $50 to $17,500, with payment terms ranging from six weeks to 12 months.
The AFRM stock was up by a huge 40.63% and traded at $25.37 (gaining 7.33 points) at 9:06 a.m. EDT in the pre-market trading session today. The market capitalization of the stock stood at $5.1 billion. Moreover, the AFRM stock surged by 23.31% and closed at $18.04 (up by 3.41 points) on Thursday.
However, before surging over 20% on Thursday, it reached its 52-week low of $13.64 that day. Moreover, the AFRM stock is still down over 85% than its all-time-high of $176.65 a share.
Earlier, the AFRM stock declined by a huge 61.9% from its closing price of $38.4 on April 13, 2022, to its closing price of $14.63 on May 11, 2022. The rapid up and down swinging price movements surely give this stock a place in the ‘meme’ stock frenzy. Moreover, it was one of the biggest market besides Robinhood in the after hours on Thursday.
Other Meme Stocks
GameStop Corp. (NYSE: GME) saw its GME stock gain 7.18% and it traded at $96.00 (up by 6.43 points) at 9:16 a.m. EDT in the pre-market trading session today.
AMC Entertainment Inc. (NYSE: AMC) saw its AMC stock gain 9.46 % and it traded at $12.26 (up by 1.06 points) at 9:15 a.m. EDT in the pre-market trading session today.
Vinco Ventures Inc. (NYSE: BBIG) saw its BBIG stock gain 7.22% and it traded at $2.82 (up by 0.19 points) at 9:17 a.m. EDT in the pre-market trading session today.