The stock market is on fire. The benchmark S&P 500 index has gained 33% during the past 12 months, reaching new highs almost daily.

That's nothing compared to the shares of Affirm Holdings (NASDAQ: AFRM). The stock of the buy now, pay later (BNPL) specialist have skyrocketed about 300% during that period. Its impressive run was fueled by robust consumer spending in a surprisingly strong economy and key partnerships with top e-commerce providers.

However, before jumping on the bandwagon, I'd hesitate to buy Affirm today. Here's why.

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Source Fool.com