UPST and AFRM are lower as Klarna’s enjoys a blowout first session
Online lender Klarna Group (KLAR) made its market debut this morning, with the stock opening at $52, firmly above the initial public offering (IPO) price of $40 per share. Buzz around the “buy now, pay later” company’s first session is weighing on fintech peers, with Upstart Holdings Inc (NASDAQ:UPST) and Affirm Holdings Inc (NASDAQ:AFRM) shares facing pressure.
Upstart Stock Could Snap Win Streak
UPST is down 10.4% at $61.75 at last check, on its way to snap a four-day win streak. While the equity still sports an 83.7% year-over-year lead, it has shaved 21% in the last nine months. Shares are now testing support at the $60 region which contained losses in August on a pullback off their highest level since February.
Affirm Stock Takes a Breather
Options traders lean bearish toward the equity, per its 50-day put/call volume ratio of 1.19 at the International Securities (ISE), Cboe Options (CBOE) and NASDAQ OMX PHLX (PHLX) sits higher than 95% of annual readings.