Affirm Surges in Trading Volume but Drops 4.55% as Stock Ranks 151st in Market Activity

Affirm Holdings (AFRM) saw a notable increase in trading activity on Sept. 30, 2025, with a volume of $870 million, marking a 52.2% rise from the previous day. Despite this surge in liquidity, the stock closed down 4.55%, ranking 151st in trading activity among listed equities.

The recent market movement reflects a broader trend of heightened retail investor engagement in fintech stocks, driven by speculation around regulatory developments and consumer spending patterns. Analysts note that Affirm’s volume spike aligns with increased short-term trading activity in the sector, though sustained price recovery remains contingent on earnings momentum and macroeconomic clarity.

To run this back-test for you I need to pin down a few practical details (and suggest defaults so we can proceed without extra back-and-forth). 1. Universe • Default suggestion: all common stocks listed on NYSE + NASDAQ + AMEX (U.S. market). 2. “Top 500 by trading volume” • Volume basis: – Default: dollar volume (shares × close price) rather than share count. • Ranking time: each trading day, rank that day’s dollar volume and take the top-500 names. 3. Portfolio construction & weighting • Default: equal-weight all 500 names. • Trading schedule: buy at that day’s close (once the ranking is known) and sell at the next day’s close (1-day holding period). 4. Transaction costs & slippage • Default: ignore costs (i.e. assume zero commissions and slippage). 5. Price type for returns • Default: use close-to-close returns as outlined above. If these defaults are acceptable, let me know and I’ll run the back-test. If you’d like to change any of them (e.g., use share volume, apply transaction costs, choose a different market, etc.), just specify and I’ll adjust accordingly.